Precious mining stocks lagged in 2023 despite stock market rally
In 2023, precious mining stocks found themselves largely sitting out the stock market rally that took place. While the broader stock market experienced significant gains, mining stocks failed to keep up. Not only did they lag behind the stock market, but they also underperformed the price of gold. The VanEck Gold Miners ETF (GDX) rose a mere 8.2% in 2023, whereas the price of gold climbed over 13%. The VanEck Junior Gold Miners ETF (GDXJ) performed even worse, with a meager 6.3% increase. This underperformance raises questions about the future of precious mining stocks and whether they can rebound in the upcoming year.
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