With just a couple of weeks left in 2025, it’s clear gold will rank as one of this year’s best-performing assets. It set more than 50 record highs this year and there’s time left to add to that tally. What might come in 2026?
Some ETFs reflect 2025’s strength more than others. Just look at the WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). GDMN, which features exposure to both gold futures and mining stocks, has more than tripled since the start of 2025.
An impressive run to be sure and perhaps one that implies GDMN won’t repeat that feat in 2026. However, that doesn’t mean the ETF can’t generate more upside next year. In fact, gold is heading into the new year with an array of catalysts, including an increasingly accommodative Federal Reserve.
GDMN Can Grind Higher in 2026
Advisors and experienced investors that geopolitical and macroeconomic volatility are often catalysts for gold. Regarding GDMN, those are points to remember in 2026 because both issues could pop up.
“The gold price broadly reflects macroeconomic consensus expectations and may remain rangebound if current conditions persist,” noted the World Gold Council (WGC). “However, taking cues from this year, 2026 will likely continue to surprise. If economic growth slows and interest rates fall further, gold could see moderate gains. In a more severe downturn marked by rising global risks, gold could perform strongly.”
Of course, if the macroeconomic backdrop doesn’t materially change in 2026, GDMN could notch another strong year. That scenario could be heightened by more investors stepping into gold miners, shares of which aren’t yet stretched on valuation, broadly speaking.
“Looking ahead to 2026, markets are largely pricing in a continuation of the status quo, but divergences in macro data laden with a heavy geoeconomic blanket, mean that uncertainty will remain high,” added the WGC. “Concerns about a softening US labour market are mounting, while debates persist over whether inflation will stay stubbornly high or face renewed upward pressure. At the same time, and despite some progress, geopolitical frictions continue to simmer.”
Overall, prevailing sentiment indicates 2026 could be another good year for gold, potentially positioning GDMN for another period of outperformance of spot bullion prices.
“This combination of falling yields, elevated geopolitical stress and a pronounced flight-to-safety would create exceptionally strong tailwinds for gold, supporting a sharp move higher. Under this scenario gold could surge 15% – 30% in 2026 from current levels,” concluded the WGC.
Disclosures
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