mining · sound money ratio
gold miners etf (gdx) in gold
current spot ratio
0.0202
denominated in gold oz
1-day change
+2.18%
30-day change
+2.14%
30-day range
0.0192 - 0.0219
sound money analysis & perspective
vaneck gold miners (gdx) priced in gold ounces. useful for deciding whether operational leverage to the metal is worth the equity risk premium: rising ratio means miners are outperforming bullion; falling ratio means you are better holding the ounce. this chart is unique because it isolates management, energy costs, royalties, and dilution from the gold price itself. dollar miner charts confound metal beta with currency moves; this ratio does not. no substitute exists for a continuous gdx-in-gold relative value line when sizing miner exposure against physical.