Gold Miners Strike It Rich While AI Chip Stocks Get Buried in the Dust
Silicon Valley’s AI chip darlings just got schooled. Gold mining equities have crushed semiconductor stocks in 2025, with the MSCI global gold miners index up 135% compared to chip stocks’ modest 40% gain. This performance gap is the largest on record between the two sectors, as central bank accumulation, Fed rate cuts, and global de-dollarization trends continue to drive the yellow metal higher.
- Gold mining heavyweights NewmontNEM and Agnico Eagle MinesAEM have more than doubled in value, with shares soaring 126% and 107% YTD, respectively.
- Unlike inflated tech valuations, gold miners are trading at just 13x forward earnings — below their five-year average — compared with chip stocks at 29x.
The golden edge: Van Eck’s Anna Wu noted, “Gold and gold miners are one of my most bullish medium thematic calls,” pointing to safe-haven demand and margin upside. Saxo Markets’ Charu Chanana echoed the view, sharing that “miners’ multiples look undemanding because earnings have run faster than prices” — an indication that cash flows could remain strong if gold holds at record highs. For now, investors seem convinced that this old metal still has plenty of shine.