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There's a bug in the gold trade as miners move like meme stocks
By Monique Mulima
Bloomberg News
via Yahoo News, Sunnyvale, California
Saturday, June 13, 2026
Brian Laks has been investing in gold stocks for over a decade. To the deep-value investor, they serve as a hedge against volatility in the rest of his portfolio, a haven during geopolitical uncertainty and deliver steady returns.
Yet that all changed for one simple reason: Gold misbehaved last year. After bullion prices, along with related shares, started trading like meme stocks and surged to records, Laks began cutting Old West Investment Management's exposure to the group.
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The Los Angeles hedge fund and other asset managers like Tuttle Capital Management and Purpose Investments Inc. have been rotating out of gold miners and finding shelter in other corners of the equity market.
"Gold's not the same trade that it was 10 years ago," said Laks, Old West's chief investment officer.
As the ongoing war in Iran and President Donald Trump's social media rhetoric rattle equity markets, investors are desperately seeking stability and protection from uncertainty. Yet gold has consistently defied its safe-haven status, slumping since the start of the conflict. A NYSE gauge of miners is down 31%, while the S&P 500 Index has gained 8% since the end of February. ...
... For the remainder of the commentary:
https://finance.yahoo.com/markets/commodities/articles/bug-gold-trade-miners-move-120000496.html
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