While Gold Hits All-Time Highs, Miner Stocks Lag Far Behind

What we’re showing?

Gold price evolution since 2000 compared to the NYSE Arca Gold BUGS Index (HUI), consisting of the largest and most widely held public gold production companies.

Key Takeaway

While gold price has reached new record highs in 2024, miners are still a long way 

from their 2011 highs.

Furthermore, with elections occurring in more than 60 countries in 2024 and ongoing conflicts in Ukraine and Gaza, central banks are expected to continue buying gold to strengthen their reserves, which could build momentum for gold mining stocks.

According to Business Insider, gold miners experienced their best performance in a year in March 2024.