Looking Good! The MunAiMarkets Gold/Silver ETFs Portfolio Is UP 19% YTD: the GE/GB Ratio UP 9% YTD

An Introduction

Prevailing gold prices overwhelmingly drive gold mining profits and, looking at the performance of 4 gold mining category ETFs – producer, developer, explorer – and a royalty/streaming companies ETF and following the current gold equity prices relative to the current gold bullion price (referred here as the  GE-to-GB or GE/GB Ratio) provides the extent of under- or over-evaluation of the stock category where the higher the ratio the better.

The GE/GB Ratio

The  Ratio ended 2024 at the extremely low average level of 15.1 and, historically, past super- low extremes have always been followed by major gold stock up-legs – and gold miners tend to not only mean revert to normal GE/GB levels, but overshoot proportionally to the upside. The current Ratio has continued to rise in 2025 (UP 9.0% YTD) and that portends to a coming massive surge in gold stocks – and silver stocks, too.

The MunAiMarkets Gold/Silver ETFs Portfolio

• Go HERE for a live chart (updated minute-by-minute) of each constituent in the portfolio (Not yet available)

1. The VanEck GOLD Miners ETF (GDX): UP 22.8% YTD
   • consists of producer companies that operate fully functioning mines that extract and sell gold
   • # Holdings: 63
   • Average Market Capitalization: $21.9B
   • Ratio: UP 10.7% YTD
2. The VanEck Junior GOLD Miners ETF (GDXJ): UP 21.6% YTD
   • consists of developer companies that take over once explorers find a promising deposit conducting feasibility studies to determine if the deposit can be mined profitably, work on securing permits, financing, and planning the construction of the mine.
   • # Holdings: 88
   • Average Market Capitalization: $5.7B
   • Ratio: UP 9.6% YTD
3. The Sprott Junior GOLD Miners ETF (SGDJ): UP 18.1% YTD
   • consists of explorer companies that are searching for new gold deposits
   •  # Holdings: 35
   • Average Market Capitalization: $3.7M
   • Ratio: UP 6.6% YTD

Sub-Total: GOLD ETFs UP 20.9% YTD on average; GE/GB Ratio UP 9.3% YTD

1. The Global X Silver Miners ETF (SIL): UP 14.6% YTD
   • consists of explorer companies that are searching for new silver deposits by conducting geological surveys, drilling, and sampling and are referred to as “junior” mining companies.
   • # Holdings: 35
   • SIL to SLV Ratio: UP 1.7% YTD

In addition, below is how a representative royalty/streaming companies ETF has performed YTD:

1. The U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU): UP 17.8% YTD
   • consists of companies (merchant “bankers) that provide alternative financing to mining companies by purchasing future production (i.e. streaming) or revenues (royalty) in exchange for upfront cash payments.
   • # Holdings: 28

Summary

In total, the above 5 gold/silver related ETFs encompass 87% of the gold/silver ‘mining” sector (i.e. 253 companies) and they are UP 19.3% YTD.

In addition,

• The SPDR® Gold Shares ETF (GLD) is UP 10.8% YTD and the iShares Silver Trust ETF (SLV) is UP 12.4% YTD for an average of +11.0% YTD.