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VanEck Gold Miners (GDX) — gained 95% in a year amid Iran conflict geopolitical tensions.
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Gold miners benefit from operational leverage when gold prices rise, but higher oil costs compress margins simultaneously.
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GDX concentration risk: three holdings represent nearly a third of the portfolio.
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A U.S. naval blockade of the Strait of Hormuz, active airstrikes alongside Israel since late February, and a fragile ceasefire that looks increasingly unstable: the 2026 Iran conflict has created exactly the kind of geopolitical environment that has historically sent gold mining equities surging. The VanEck Gold Miners ETF (NYSEARCA:GDX) has gained roughly 95% over the past year, and the conditions driving that run are not letting up.
GDX is not a gold bullion fund. It holds equity…
