Gold Shines Brighter Than AI-Driven Semiconductor Stocks: 7 Mining Stocks To Watch With The Ore At Record Highs
If someone were to tell you that NVIDIA Corp. (NASDAQ:NVDA) and its peers, as represented by the iShares Semiconductor ETF (NASDAQ:SOXX), didn’t lead the pack in the first week of March, you might find it hard to believe.
However, an old-economy industry, far distant from the AI hype, significantly outperformed chipmakers.
As Federal Reserve Chair Jerome Powell addressed the U.S. Congress regarding the possibility of rate cuts contingent upon sustained declines in inflation, an asset quietly ascended to historic heights: gold.
The precious metal surged past $2,160 per troy ounce this week, marking eight consecutive sessions of gains. This significant movement didn’t escape the attention of value-oriented investors, who flocked to one of the most affordable equity industries.
The VanEck Gold Miners ETF (NYSE:GDX), a gauge for the performance of the gold mining industry, saw an impressive surge of 15% since late February, outpacing the rise of the AI-related semiconductor sector during the same period.
Chart: Gold Miners Outperformed Semiconductors Since Late February, As Gold Hits Record Highs
Amidst growing investor concerns over expensive valuations and the possibility that the stock market has surged too rapidly, the allure of gold miners becomes particularly pronounced due to their comparatively more affordable valuations.
