Gold Mining Stocks: Q4 2025 Performance Preview

Gold mining stocks have had a strong year so far in 2025, with Q3 2025 being particularly strong. As Q4 2025 begins, investors are looking for winners and losers. The industry has seen gains despite a challenging first half. With many stocks showing significant growth, the sector is poised for continued success.

Gold mining stocks have experienced a remarkable year in 2025, with Q3 2025 being particularly strong. As the fourth quarter begins, investors are keenly watching to identify the winners and losers within the sector. Despite a challenging first half, many gold mining stocks have shown significant growth, positioning the industry for continued success.

The VanEck Gold Miners ETF (GDX), which tracks companies active in the gold and silver mining industry, gained 46.8% in Q3 2025, pushing year-to-date (YTD) gains to 125.3%. This performance is close to ten times the gain of the SPDR S&P 500 ETF (SPY) in 2025. The month of September alone saw GDX gain 20.9%, indicating strong momentum during the quarter Gold Mining Stocks: Winners And Losers At The Start Of Q4 2025^[1].

Among the 46 stocks in GDX, only 26 are listed in the U.S. Several stocks were removed from GDX in Q3 2025, including Endeavour Silver (EXK), Orla Mining (ORLA), MAG Silver Corp. (MAG), Aris Mining (ARMN), DRDGOLD (DRD), and Silvercorp Metals (SVM). The remaining stocks include Agnico Eagle Mines (AEM), Newmont Corporation (NEM), Barrick Mining Corporation (B), Gold Fields (GFI), Franco-Nevada Corporation (FNV), AngloGold Ashanti (AU), Kinross Gold (KGC), Wheaton Precious Metals (WPM), Pan American Silver (PAAS), Alamos Gold (AGI), Coeur Mining (CDE), Equinox Gold (EQX), Royal Gold (RGLD), Harmony Gold Mining (HMY), IAMGOLD (IAG), Hecla Mining (HL), B2Gold (BTG), OR Royalties (OR), First Majestic Silver (AG), New Gold (NGD), Eldorado Gold (EGO), SSR Mining (SSRM), Compañía de Minas Buenaventura (BVN), Sandstorm Gold (SAND), Fortuna Mining Corp. (FSM), and Seabridge Gold (SA) Gold Mining Stocks: Winners And Losers At The Start Of Q4 2025^[1].

The top performers in Q3 2025 were SSRM, GFI, and CDE, with gains of 329.9%, 173.4%, and 172.7% respectively. Over the year, SSRM led the pack with a gain of 250.9%, followed by CDE with 228% and AU with 204.7%. Even the worst-performing stock, RGLD, was up 52.1% YTD, indicating the overall strength of the sector Gold Mining Stocks: Winners And Losers At The Start Of Q4 2025^[1].

The strong performance of gold mining stocks is attributed to a combination of factors, including the increase in the price of physical gold, supportive external environments, and unprecedented global financial system changes. The price of gold reached new highs, offsetting production cost increases and local government disputes. Additionally, the Federal Reserve's policy shift towards monetary easing further boosted gold prices and mining stocks Gold Mining Stocks: Winners And Losers At The Start Of Q4 2025^[1].

The year 2025 has seen a decrease in confidence in the global financial system, leading to a greater demand for gold. This demand has been driven by factors such as the debasing of national currencies, high debt levels, geopolitical conflicts, and elevated inflation. The convergence of these factors has created a favorable environment for gold and mining stocks, contributing to their exceptional performance in 2025 Gold Mining Stocks: Winners And Losers At The Start Of Q4 2025^[1].