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GDX and the Gold Miners: What TYKR Shows Inside the ETF

February 27, 2026

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Gold has been one of the standout performers over the pastyear, and the surge in precious‑metal prices has pushed gold‑mining ETFs like GDX into the spotlight. But as always, headline performance only tells part of the story. In this Weekend Watchlist episode, I’m joined by Sean Tepper from TYKR
to look beneath the surface and examine the actual businesses inside the VanEck Gold Miners ETF.

While many investors think of gold as a hedge or a safehaven, gold miners are not the same as physical gold. They are businesses - with revenue, costs, margins, management teams, and operational risks. Using TYKR’s analysis, we explore how many of the companies inside GDX are rated “On Sale,”
how many are overpriced, and what that means for long‑term investors.

Sean also breaks down the important distinction between wealthbuilding and wealth protection. ETFs, index funds and mutual fundsare excellent tools for protecting wealth, but they’re not always the best vehicles for long-term compounding. We also discuss why gold often trades flat when
broader markets rally, and why investors should be cautious about assuming recent performance will continue.

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