- Gold mining stocks have been taken to the woodshed since early Q2 despite still high inflation.
- GDX shows signs of bottoming, while one of its biggest holdings has a pivotal upcoming earnings date.
- Gold Fields' shares have turned around and could see further upside.
Gold mining stocks soared earlier this year amid geopolitical tensions and rising global inflation. The popular (and often infamous) VanEck Vectors Gold Miners ETF (GDX) climbed from under $29 in late January to above $41 by its early second-quarter high. Over the last four months, however, the fund is down a whopping 34%. The three-month ETF performance heat map below illustrates that the group of misfit gold miners has underperformed most other areas of the market.
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