

B. Riley Wealth Advisors Inc. purchased a new position in VanEck Gold Miners ETF (NYSEARCA:GDX) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,099 shares of the exchange traded fund's stock, valued at approximately $623,000. A number of other

iShares MSCI Global Silver and Metals Miners ETF offers a lower expense ratio and a higher dividend yield than VanEck Gold Miners ETF. VanEck Gold Miners ETF is a significantly larger fund with over $26.8 billion in assets under management focusing on gold miners.

I maintain a Strong Buy on gold, expecting it to outperform its last cycle's 210% gain as it reasserts its role as a global reserve asset. Gold's bullish thesis is underpinned by accelerating M2 money supply, persistent US deficit spending, and the likelihood of an 'inflate-away-the-debt' policy. International trust erosion in the US dollar, surging US trade deficits, and global central bank gold accumulation—especially by China—further support XAU's upside.

I reaffirm my bullish stance on VanEck Gold Miners ETF, maintaining a buy rating due to strong structural and technical drivers; the fundamental thesis is not changed from July. GDX and Sprott Gold Miners ETF are fundamentally similar; SGDM's factor screen offers marginal differences, but not enough to warrant switching despite a strong case being made. Sprott's screen shifts weight from larger firms to mid-tier miners; it picks miners with stronger cash flows, but royalty firms with weaker flows make up more of SGDM.

The abrdn Physical Silver Shares ETF provides direct exposure to the silver spot price, whereas the VanEck Gold Miners ETF invests in mining company equities. VanEck Gold Miners ETF provides a dividend yield and equity diversification, while the silver fund offers no income and higher historical volatility.

Choosing between GLD, GDX, and GDXJ feels like splitting hairs until a single market move exposes just how differently these three gold funds can treat your portfolio. The fund you pick matters far more than most investors realize.

Gold's recent decline may offer long-term investors an opportunity as rate, central-bank and diversification tailwinds remain intact.
