Now That the Shutdown Is Over, Here's Where Attention Is Shifting (From Market Maven Insights)
Key Takeaways
- Gold prices are approaching the $5,000 level in 2026, driven by inflation concerns, currency devaluation, and supportive monetary policy.
- Investors must decide between physical gold exposure through ETFs or higher-risk, higher-reward opportunities in gold mining stocks.
- Large-cap miners and diversified ETFs like GDX and GDXJ offer operating leverage to gold prices but come with added volatility and execution risk.
Many of the themes that pushed stocks higher in 2025 are back in focus to begin 2026. One of those is the bull market for precious metals. Many eyes are on silver, which has hit an all-time high. But investors shouldn’t sleep on gold, which shook off early-year weakness and reached a new all-time high above $4,900 on Jan. 22.
That puts the yellow metal within striking distance of the psychologically significant $5,000 mark. Many analysts thought gold would hit that mark in 2025. It didn’t quite make it, but it appears to have been only a delay. Many of the trends that drove gold higher in 2025 remain in place in 2026.
Amid the metal's bullish outlook, investors are wondering: what’s the best way to own gold in 2026? Before addressing that question, it’s worth taking a step back to understand the case for gold as an investment.
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Why Own Gold: Define Your Goal First
Gold and other precious metals can have a place in every investor’s portfolio. But it’s important to understand why you want to own gold. At its core, gold is a store of value. While it may be oversimplistic to call it an insurance policy, the description fits. A key selling point of gold is that there’s no depreciation.
Gold is a hedge against inflation because its value has historically held up when the purchasing power of fiat currencies declines. As inflation rises, the real value of paper money erodes, but gold—which cannot be printed—tends to preserve purchasing power over long periods.
For that same reason, gold acts as a protection against currency devaluation, particularly during periods of aggressive monetary easing, rising government debt, or weakening confidence in a nation’s currency. When investors worry that central banks are debasing currencies, they often turn to gold as a store of value outside the traditional financial system.
How to Own Gold: Choose the Right Vehicle
Many investors choose to own physical gold in the form of bars or coins. Owning gold in this manner, however, involves insurance, security, and liquidity considerations. That can be too much for many investors.
Gold’s move toward the $5,000 level reinforces its role as a portfolio anchor, yet the vehicle you choose will largely determine whether it behaves more like a stabilizer or a source of equity‑like upside. That’s where the decision between gold miners and gold-focused exchange-traded funds (ETFs) comes into sharp focus.
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Gold Miners and Miner ETFs: How Supply and Demand Can Amplify Returns
Gold mining stocks and miner-focused ETFs turn the macro thesis on gold into a more aggressive, equity‑driven bet. When gold prices are rising, miners can see profits grow faster than the metal itself as higher realized prices flow through to revenues while costs remain relatively fixed. That operating leverage means miners can outperform physical gold in a sustained bull market.
This is part of the case for small-cap mining stocks, such as TRX Gold (NYSEAMERICAN: TRX). The company reported earnings on Jan. 14 and delivered record production and revenue due to the high spot price of gold.
However, the supply and demand story cuts both ways.
Gold miners' earnings are vulnerable to cost inflation, operational setbacks, and political or environmental risks unrelated to the spot price of gold.
Even in this environment, however, investors can profit from mining stocks by sticking to some of the best-in-class miners like Freeport-McMoRan Inc. (NYSE: FCX) and Rio Tinto (NYSE: RIO).
Diversified Gold Miner ETFs: Broad Exposure With Built-In Risk Management
Those willing to tolerate more volatility in pursuit of higher return potential may find a measured allocation to diversified miner ETFs attractive.
For broad, large‑ and mid‑cap exposure, the VanEck Gold Miners ETF (NYSEARCA: GDX) tracks a global index of major producers, offering diversified operating leverage to the gold price rather than a concentrated bet on a single company. Investors looking further out on the risk spectrum can consider the VanEck Junior Gold Miners ETF (NYSEARCA: GDXJ), which focuses on smaller, “junior” miners.
This fund tends to move more sharply than both bullion and senior producers in strong upcycles but also carries higher volatility and company‑specific risk.
Gold-Focused ETFs: An Investment in Gold With Better Liquidity
Broad, physically backed gold ETFs, such as SPDR Gold Shares (NYSEARCA: GLD), are designed to closely track gold's price, making them a straightforward way to express a macro view without taking on company-specific risk.
They typically offer deep liquidity, tight spreads, and relatively low costs. This makes them well-suited for thematic investors who see gold as a long-term hedge against inflation, currency weakness, or geopolitical shocks, but don’t want to hold physical gold bars.
In that framework, gold ETFs function like an insurance policy you can trade intraday and size precisely within a diversified portfolio. In 2026, with gold already elevated and monetary policy likely to ease rather than tighten, investors face a classic trade‑off.
Those who primarily want ballast and liquidity may lean toward physical-backed ETFs as a cleaner way to "own gold."
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