Is It Better to Play the Historic Gold Rally With a Physical Gold or Mining Stock ETF in 2026?

The article compares two gold-exposure ETFs in the context of a historic gold rally: SPDR Gold Shares (GLD), which tracks physical bullion, and VanEck Gold Miners ETF (GDX), which holds gold-mining stocks. It argues that GLD offers lower volatility and direct exposure to gold prices, while GDX has delivered stronger long-term returns because miners benefit from operating leverage when gold rises. The piece notes gold is trading around $4,070 per ounce, up about 20% over the past 52 weeks, after reaching as high as $5,608 in January. Despite GLD outperforming GDX over the last three months as gold pulled back, the article favors GDX for 2026 due to its better performance across 3-, 5-, and 10-year periods and the added benefit of dividends and potential corporate actions among miners.