The Gold price is trending higher and higher (GLD ETF).
GDX is an ETF that holds a basket of Gold miners.
The price to dig the gold from the earth is roughly $1,300 per ounce.
When Gold is trending up, this makes the revenues and the net earnings of the miners go up.
The miners report quarterly earnings, and hence their PEs go down, and the price correction of going up is very predictable to happen.
Here is a Table of the major Miners that GDX holds.
| # | Company | Ticker | Approx. Weight | P/E (TTM) |
|---|---|---|---|---|
| 1 | Agnico Eagle Mines Ltd. | AEM | ~7.74% | 29.68 |
| 2 | Newmont Corporation | NEM | ~6.86% | 16.44 |
| 3 | Barrick Gold Corporation | GOLD | ~5.09% | 20.96 |
| 4 | AngloGold Ashanti plc | AU | ~5.08% | 19.54 |
| 5 | Gold Fields Limited (ADR) | GFI | ~4.91% | 20.64 |
| 6 | Kinross Gold Corporation | KGC | ~4.81% | 20.24 |
| 7 | Franco-Nevada Corporation | FNV | ~4.66% | 50.05 |
| 8 | Northern Star Resources Ltd. | NST | ~4.52% | 23.47 |
| 9 | Wheaton Precious Metals Corp. | WPM | ~4.45% | 60.11 |
| 10 | Pan American Silver Corp. | PAAS | ~3.89% | 26.51 |
| 11 | Alamos Gold Inc. | AGI | ~3.33% | 42.10 |
| 12 | Coeur Mining, Inc. | CDE | ~2.64% | 52.62 |
| 13 | Equinox Gold Corp. | EQX | ~2.15% | 5 |
| 14 | Industrias Peñoles S.A.B. de C.V. | PE&OLES | ~2.15% | 26.11 |
| 15 | Evolution Mining Limited | EVN | ~1.97% | 25.37 |
| 16 | Royal Gold, Inc. | RGLD | ~1.89% | 28.41 |
| 17 | Harmony Gold Mining Co Ltd | HMY | ~1.86% | 15.12 |
| 18 | IAMGOLD Corporation | IAG | ~1.67% | 9.34 |
| 19 | Hecla Mining Company | HL | ~1.68% | 87.06 |
| 20 | Zhaojin Mining Industry Co Ltd | ZHAOF | ~1.69% | 31.44 |
Calculation of PE for GDX
Table above: The 20 companies represent 73% holdings by GDX with PE of 29.5
Yahoo Finance: The PE of GDX is 24.8
– Average PE from these 2 sources as of October-19-2025 is 27.2
– For comparison the PE of QQQ is 34.4 and the PE of SPY is 28.3
With the upcoming report season for Q3-2025, the earnings of these miners should lower the PE significantly and should get the prices of these companies much higher, and by proxy have the GDX go higher.
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