Top Gold and Silver Mining ETFs for Q4 2025: 10 Key Picks Compared
As we enter Q4 2025 on October 10, gold prices have rallied toward $4,000 per ounce, with analysts forecasting potential climbs above $4,000 by year-end amid ongoing geopolitical tensions, central bank buying, and economic uncertainty. Silver, often called "gold's little brother," has approached $50 per ounce, driven by industrial demand in solar and electronics, with projections for prices to reach $45–$53 by the end of October and potentially higher into November. This commodity surge has propelled mining ETFs into the spotlight, with gold and silver miner funds dominating the top-performing ETFs of 2025.
Gold and silver mining ETFs offer leveraged exposure to these metals through companies involved in extraction and production, often amplifying gains (and losses) compared to physical holdings like IAU or GLD. In 2025, these funds have gone parabolic: the VanEck Gold Miners ETF (GDX) has surged 123% year-to-date (YTD) as gold hit $4,000, topping old highs. Mining stocks overall are up over 50% YTD, yet remain undervalued relative to the metals' gains, suggesting continued upside for Q4 amid a "super cycle" in commodities.This comparison expands to 10 key ETFs: GDX, GDXJ, RING, SGDM, SGDJ, GOEX (gold-focused), and SIL, AGMI, SILJ, SLVP (silver-focused). We'll break down their objectives, key metrics, holdings, performance, and Q4 outlook. Data is synthesized from recent market analyses as of October 2025, noting that mining ETFs have seen explosive quarterly gains, with some individual miners in GDX up 46.8% in Q3 alone. Investors should consider these for diversification in inflationary environments, but volatility is high—use dollar-cost averaging (DCA) strategies.
Top Gold Mining ETFs for Q4 2025
1. GDX: VanEck Gold Miners ETF
- Investment Objective: Tracks the NYSE Arca Gold Miners Index, focusing on large-cap global gold mining companies for exposure to gold price movements without physical storage.
- Top Holdings: Typically includes Newmont (NEM), Barrick Gold (GOLD), Agnico Eagle Mines (AEM), and others—around 50 holdings, with top 10 comprising ~60% of assets.
- Performance Highlights: Explosive 123% YTD gain as gold broke $4,000, outpacing physical gold ETFs. Recent price: ~$75.61 (down 4.47% daily, signaling possible consolidation). Strong Q3 with 46.8% gains in some holdings.
- Q4 2025 Outlook: Bullish amid forecasts for gold to $4,000–$4,150 by year-end, driven by Fed rate cuts and CB demand averaging 710 tonnes quarterly. Risks: Short-term weakness after seven-week rally streaks. Ideal for core gold exposure.
- Investment Objective: Replicates the MVIS Global Junior Gold Miners Index, targeting smaller, higher-growth gold miners for amplified upside potential.
- Top Holdings: Features mid/small-caps like Kinross Gold (KGC), Alamos Gold (AGI), and B2Gold (BTG)—more volatile, with ~70 holdings.
- Performance Highlights: Junior miners have seen "big gains" in 2025, estimated +100%+ YTD, outpacing seniors in bull markets. Aligns with overall mining surge >50% YTD.
- Q4 2025 Outlook: Higher beta makes it a play on gold's acceleration to $3,675–$4,000, but expect pullbacks; undervalued juniors could shine if M&A picks up. Suited for aggressive investors.
- Investment Objective: Tracks the MSCI ACWI Select Gold Miners Investable Market Index, providing exposure to global gold mining companies.
- Top Holdings: Includes major players like Newmont (NEM), Barrick (GOLD), and Wheaton Precious Metals (WPM)—around 35 holdings.
- Performance Highlights: Strong +105% YTD, following sector leaders in 2025's parabolic run.
- Q4 2025 Outlook: Positioned for gains as gold targets $4,000+, with global diversification reducing single-country risk; watch for overbought signals. Good for broad gold miner exposure.
- Investment Objective: Tracks the Solactive Gold Miners Custom Factors Index, selecting gold miners based on revenue growth and other factors.
- Top Holdings: Focuses on high-quality miners like Barrick (GOLD), Newmont (NEM), and Franco-Nevada (FNV)—~25-30 holdings.
- Performance Highlights: Leads with +79% YTD, benefiting from selective indexing in a booming market.
- Q4 2025 Outlook: Bullish on quality miners amid CB buying; potential for outperformance if gold hits $4,150. Suitable for factor-based investing.
- Investment Objective: Tracks the Solactive Junior Gold Miners Custom Factors Index, targeting smaller gold miners with strong fundamentals.
- Top Holdings: Includes juniors like OceanaGold (OGC), SSR Mining (SSRM), and Eldorado Gold (EGO)—~30 holdings.
- Performance Highlights: +90%+ YTD, capitalizing on junior miner upside in the super cycle.
- Q4 2025 Outlook: High potential in M&A-driven environment, but volatile; buy on dips for aggressive growth.
- Investment Objective: Tracks the Solactive Global Gold Explorers & Developers Total Return Index, focusing on exploration-stage companies.
- Top Holdings: Emphasizes explorers like Northern Star Resources, Evolution Mining, and Perseus Mining—~50 holdings.
- Performance Highlights: +95%+ YTD, driven by discovery premiums in rising gold prices.
- Q4 2025 Outlook: Upside from new finds amid supply constraints; higher risk but rewarding in bull markets.
Top Silver Mining ETFs for Q4 2025
7. AGMI: Themes Silver Miners ETF
- Investment Objective: Provides exposure to global silver mining companies, emphasizing thematic growth in silver production amid industrial demand.
- Top Holdings: Likely includes major silver producers like Pan American Silver (PAAS), Wheaton Precious Metals (WPM), and First Majestic Silver (AG)—focused on pure-play silver.
- Performance Highlights: Aligned with silver's 45% YTD rally to ~$42, with potential for +123%+ gains. As a newer fund, it benefits from silver's outperformance vs. gold since early 2024.
- Q4 2025 Outlook: Silver forecasts point to $53.91 by October end and $60+ highs in November, fueled by supply deficits (184M oz shortfall in 2023, continuing). Gold-silver ratio at 86:1 suggests silver undervaluation; target $38–$50 by year-end. Good for thematic silver bets.
- Investment Objective: Tracks the Solactive Global Silver Miners Total Return Index, offering broad exposure to silver mining firms.
- Top Holdings: Includes Pan American Silver (PAAS, 20%), Wheaton (WPM), and Hecla Mining (HL)—30 holdings, with streamers for reduced operational risk.
- Performance Highlights: +133%+ YTD amid silver's 40% rally to $35+ by October. Recent price: ~$70.89 (down 4.14% daily).
- Q4 2025 Outlook: 2% global demand rise expected, driven by solar/electronics; prices toward $50+ with Fed easing. Undervalued vs. gold; watch for consolidation but upside to $38–$41. Balanced choice for silver exposure.
- Investment Objective: Tracks the EQM Junior Silver Miners Index, targeting small- and mid-cap silver companies for high-growth potential.
- Top Holdings: Features juniors like MAG Silver (MAG), SilverCrest Metals (SILV), and Aya Gold & Silver (AYA)—~40 holdings.
- Performance Highlights: Topping charts with +150%+ YTD, leveraging junior volatility in silver bull run.
- Q4 2025 Outlook: Poised for gains if silver hits $60+, but expect swings; ideal for aggressive portfolios amid supply deficits.
- Investment Objective: Tracks the MSCI ACWI Select Silver Miners Investable Market Index, including silver and related metals miners.
- Top Holdings: Includes Pan American Silver (PAAS), Industries Penoles (PE&OLES), and Hecla (HL)—~30 holdings with global tilt.
- Performance Highlights: +148%+ YTD, reflecting broad silver and metals strength.
- Q4 2025 Outlook: Benefits from industrial demand; targets $50+ silver with diversification into other metals; solid for balanced exposure.
.png)
.png)
Comments