Step Aside, Mag 7—Gold Miner ETFs Are Taking Center Stage Now
Gold Mining ETFs Performance: The Themes Gold Miners ETF (AUMI) has reached a 52-week high, outperforming the Invesco QQQ Trust ETF (QQQ) by over 40% since July, with a year-to-date increase of 93%. Other ETFs like VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ) have also shown significant gains, with GDX up 97.4% YTD and GDXJ over 100% YTD.
Market Influences on Gold: Gold prices are rising due to expectations of a Federal Reserve rate cut, lower Treasury yields, and geopolitical tensions. Goldman Sachs predicts gold could reach $5,000, which may further support the performance of gold miner ETFs as they gain traction over traditional tech stocks amid concerns about an "AI bubble."
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- National Bank of Canada Update: The National Bank of Canada has revised its sector performance outlook, indicating a shift in market expectations.
- Target Price Adjustment: The bank has lowered its target price for a specific sector from $140 to $130, reflecting a more cautious approach to future performance.

- Processing Operations at Cadia: Cadia has ramped up its processing operations, indicating a return to normal throughput levels.
- Impact on Production: The increase in processing capacity is expected to positively affect overall production metrics at the site.
- Damage Assessment: Inspections indicate that while damage is present in certain underground areas, it is not significant.
- Impact Evaluation: The findings suggest that the overall impact of the damage is minimal and manageable.
Corporate Update: Newmont Corporation has provided an update on its operations in Canada, highlighting recent developments and performance metrics.
Operational Highlights: The update includes key operational achievements and challenges faced by Newmont in its Canadian operations, reflecting the company's strategic focus in the region.
- Financing Accelerates Development: Lake Victoria Gold has secured a gold loan facility worth up to $25 million, backed by 6,000 ounces of gold, providing essential working capital for its Imwelo Gold Project in Tanzania, ensuring timely project advancement and accelerating development efforts.
- Tightening Gold Market: Central banks net purchased 27 tonnes of gold in February 2026, indicating sustained demand, while global mine output only saw a 1% increase, intensifying competition for resource acquisition among companies like Lake Victoria Gold.
- Significant Technical Progress: The Imwelo project confirmed gold recovery rates of up to 97%, with recent drilling returning grades of 11.88 g/t gold, providing strong support for the company's future production potential and attracting strategic investor interest.
- Government Support Boosts Confidence: The Tanzanian government has formally begun incorporating its statutory 16% free carried interest in the Tembo mining licenses, marking a regulatory step that signals smooth project advancement within the national framework, further enhancing investor confidence in Lake Victoria Gold.







