GDX

GDX

GDX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Goehring & Rozencwajg Associates, LLC	-	-	COPX, GDX, PALL, SIL, URNM, XBM.TO	Agriculture, commodities, energy, gold, inflation, natural resources, oil, uranium	The managers believe a new long inflationary cycle has begun, similar to the 1970s. They argue that political pressure on the Federal Reserve will lead to monetary accommodation, just as it did with Martin and Burns. They expect Trump to pressure Powell into cutting rates or replacing him with a more compliant successor.		View
2026 Q1	Apr 27, 2026	Crescat Capital – Global Macro Hedge Fund	-0.4%	-0.4%	GDX, GDXJ	AI Bubble, Dollar, Gold Miners, inflation, Macro, Market Crash, oil			View
2026 Q1	Apr 17, 2026	Ameliora Wealth Management	-	-	EUFN, GDX, GRID, SHLD	Crisis, defense, energy, geopolitics, gold, inflation, Middle East, oil			View
2024 Q4	Mar 7, 2025	Goehring & Rozencwajg Associates, LLC	-	-	AAPL, AMZN, COPX, FCG, GDX, GOOGL, META, MSFT, NVDA, OKLO, QQQ, RIO, SIL, XBM.TO, XLE, XOP	Agriculture, commodities, energy, gold, monetary policy, natural resources, nuclear	Commodities are as undervalued relative to stocks as they have ever been, marking the fourth episode of extreme undervaluation in 125 years. The authors believe the time to buy natural resource equities has arrived as the long-dormant bull market may be stirring again. History shows every commodity bear cycle has ended with a monetary regime shock.		View
2025 Q1	Mar 31, 2025	Barometer Capital Management	-	-	AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO	Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility	Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs.	TMX HWM ERJ AEM	View
2025 Q4	Mar 13, 2026	Goehring & Rozencwajg Associates, LLC	-	-	CCJ, COPX, GDX, GOOGL, META, NEE, SIL, TSLA, VST, XBM, XLE, XOP	Coal, commodities, Copper, gold, Natural Gas, oil, Silver, uranium	Oil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. Gold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. Silver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. Market shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. Demand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. North American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. Coal consumption rose 7-8% in 2025, first increase in years, driven by data center demand and higher gas prices. Multiple plant closures delayed or cancelled as grid reliability concerns mount. Asia continues expanding coal capacity despite transition promises. Bull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent.		View
2023 Q3	Nov 29, 2023	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	BHP, CCO, CVX, GDX, HES, IVN, IVNEF, KAP, OIH, PXD, QQQ, RIO, RRC, SIL, URA, XLE, XOM, XOP	commodities, demand, energy, natural resources, nuclear, Renewables, Shale, Supply Deficit	Managers argue renewable energy investments represent history's worst malinvestment due to poor energy return on investment (EROI). Wind and solar have terrible EROIs compared to fossil fuels, requiring massive raw materials and energy inputs. Recent project cancellations and cost increases validate their contrarian view that renewables cannot replace conventional energy.		View
2025 Q3	Nov 25, 2025	Goehring & Rozencwajg Associates, LLC	-	-	ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP	Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil	Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals.		View
2025 Q3	Oct 3, 2025	Ameliora Wealth Management	-	-	GDX, SHLD	AI, defense, Europe, Geopolitical, gold, Precious Metals, technology, Valuations	Gold remains the largest position across discretionary mandates, advancing 14% in Q3 and 45% year-to-date. The firm initiated a complementary allocation to silver on September 25. Both metals benefit from heightened monetary policy uncertainty, sovereign debt concerns, and lack of political will to address rising debt burdens.		View
2024 Q3	Oct 18, 2024	Equity Management Associates	12.7%	29.1%	GDX, GDXJ, GLD, GOEX, SIL	commodities, Fiscal Dominance, gold, inflation, Miners, monetary policy, Precious Metals, Silver	Gold broke out from three-year ceiling to $2,650, up 28% in six months. Driven by fiscal dominance, central bank buying, BRICS demand, and inflation protection needs. Fund believes gold will reach unimaginable prices as sovereign debt crisis becomes understood.		View
2025 Q4	Jan 23, 2026	Equity Management Associates	18.6%	174.5%	GDX, GDXJ, GOEX, HUI, SIL, XAU	Bitcoin, Federal Reserve, gold, inflation, Mining, monetary policy, Silver, Sound Money	Gold is the ultimate form of money as it is geologically constrained and cannot be debased. The fund believes investors have not missed this bull market and are still early, with historical norms suggesting gold could achieve $8,000-$10,000 an ounce over the next few years. Central banks have jumped on the bullion accumulation train globally. Physical demand for silver is outstripping supply massively with silver prices skyrocketing as prices are being set by physical delivery markets in Asia rather than paper markets. The fund sees a supply shortage issue for a critical mineral in a world of growing solar/AI/power needs, with silver potentially spiking to $300+ during 2026. Precious metal miners remain cheap in comparison to the bullion and to the S&P 500. Gold mining companies represent streams of gold and are enjoying much higher margins because their cost to extract gold has not increased as rapidly as the price of gold, with miners earning a 70% profit margin on each ounce mined at current prices. Silver miners have a long way to catch up given their profit margin outlook is far greater than Wall Street understands. With average all-in mining costs running $26/oz and current silver prices at $90, margins have swollen to 70%+, which should drive institutional capital chasing silver miner cash flows. Markets can smell the inflation with 10 Year US Treasury Yields spiking higher breaking a 45-year trend of lower rates. The fund believes this represents a big secular change from the deflationary setting of 1982-2020 to an inflationary trend that has just started and could have many years or decades to run. Bitcoin is digital gold and the scarcest asset in the world. While deleveraging has hurt it in the short run, in the medium term it will join gold as a key sound money asset. The fund views Bitcoin as sound money that tends to accentuate gold's moves up or down due to its adoption curve and volatility.		View
2025 Q4	Jan 22, 2026	Ameliora Wealth Management	0.0%	0.0%	EUFN, GDX, GRID, SHLD	AI, commodities, Energy Transition, Geopolitical, Global Markets, Precious Metals, technology	Precious metals were clear winners in 2025, with gold advancing 64% driven by geopolitical tensions, uncertainty, and rising indebtedness. Central banks have been buying gold for years, but institutional and retail investor flows drove the recent rally. The firm maintains an overweight position in precious metals. Silver gained 145% in 2025, reaching new all-time highs. Demand is driven by AI hype (data centers) and electric vehicles, with EVs using 20-30g of silver and hyperscale data centers requiring hundreds of kilograms. The market is in deficit with production less than consumption. Copper rallied strongly, gaining 36% in 2025. Demand is driven by artificial intelligence infrastructure and electric vehicles, with EVs using 50-80 kg of copper and large data centers requiring tens of thousands of tons. The market is in deficit with production below consumption. Tech firms are expected to invest over $400 billion in AI-related capital expenditures. AI hype is driving demand for copper and silver through data center construction. However, concerns about an AI bubble led to profit-taking among the Magnificent Seven at year-end. The energy transition is accelerating demand for critical metals, with electric vehicles requiring significant amounts of copper and silver. This structural shift is creating supply-demand imbalances in key commodities needed for the transition.		View
2024 Q4	Jan 11, 2025	Alphyn Capital Management	2.6%	16.9%	AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS	AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value	AI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective.		View
2024 Q2	Aug 28, 2024	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	AEM, FCX, GDX, Gold, NEM, SCCO, SIL, XLE, XOP	Agriculture, commodities, Copper, energy, gold, Natural Gas, oil, uranium	Commodities are as undervalued relative to equities as they have ever been, with the commodity-to-Dow ratio at extreme lows. All signs point to the early stages of a prolonged commodity bull market likely stretching into the 2030s. The cost of being early in commodity investments has proven minimal historically.		View
2024 Q2	Jul 27, 2024	Crescat Capital – Global Macro Hedge Fund	0.0%	-5.8%	GDX	commodities, Debt, Dollar, gold, Mining, rates, volatility	The manager expects a significant depreciation of the US dollar relative to other currencies over the next several years due to the Fed's misaligned interest rate policy and escalating debt service costs. Multiple fiat currencies have begun exhibiting strength despite aggressive US interest rate differentials, marking a potential historical bottom.		View
2023 Q1	May 31, 2023	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	COPX, GDX, GNR, IGE, OIH, RRC, SIL, XBM.TO, XOP	Central Banks, commodities, Depletion, energy, gold, Natural Gas, oil, Permian	Conventional oil production has peaked globally and unconventional production growth is concentrated in just six counties in West Texas. The Permian Basin shows signs of depletion with per-well productivity declining 6% year-over-year for the first time. The firm predicts Hubbert's Peak is finally here with the Permian likely to peak within twelve months.		View
2024 Q4	Jan 22, 2025	Massif Capital	0.0%	12.1%	AFM.TO, BHP, COPX, ENR.DE, ENVX, EQX.TO, EXI, FILL, GDX, GDXJ, GEV, GMIN.TO, LAAC, PICK	commodities, Copper, energy, gold, Lithium, Metals, Mining, real assets	LAAC position suffered 4.6% drawdown in 2024 despite strong operational progress. Management announced 2024 production of 25kt and 2025 guidance of 30-35kt. Updated technical report shows long-term operating costs of $6.5/kg, implying NAV of $3.6 billion versus current market cap of $486 million.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 8, 2025	Seeking Alpha	Multiplo Invest	VanEck Gold Miners ETF	Other	-	Bull	NYSEARCA	—	View Pitch
Aug 7, 2025	Seeking Alpha	High Yield Investor	VanEck Gold Miners ETF	Other	-	Bull	NYSEARCA	—	View Pitch

BSD Shareholders of GDX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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