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 Newmont and Agnico Eagle Mines 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.
