Spot gold volatility remains elevated, with 30-day implied volatility at 17%, above its historical average. This has translated into sharper moves in gold-related equities. Investing in gold stocks now offers tactical opportunities, especially for swing traders targeting resistance levels set in March 2024 around $34 for GDX. Bitcoin could easily reach the same market cap as gold. “For those with a multi-year outlook, holding gold can still play a meaningful role in a portfolio. Looking ahead, we think portfolios with balanced allocations including a modest exposure to commodities are well positioned through the rest of 2025. While tariffs and slowing economic data have raised concerns about inflation and growth, a pro-business policy environment and a dovish Federal Reserve could keep both stocks and commodities supported. Gold fits neatly into that mix as an anchor asset when volatility rises. Quarterly production guidance updates show several top-tier miners raising output targets after operational efficiency gains. For those investing in gold stocks, higher forecasted tonnage without rising costs tends to yield better operating margins, a factor closely watched by buy-side analysts.
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