---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39896337.md"
description: "Physical gold has performed strongly over the past year, but gold mining stocks have been continuously dragged down by cost inflation and operational pressures at mines — the gold mining sector fell over 7% in a single week in March, triggering a technical bear market.This divergence is precisely the logic behind betting on $Microsectors Gold Miners -3x Inverse Leveraged ETN(GDXD.US): rising copper prices and mine energy costs are squeezing the per-ounce profit margins of gold mining companies, leading to a rare divergence between gold mining stocks and the gold price. VIX above 19 supports safe-haven demand for physical gold (benefiting GLDM), while the logic of inflation eroding miners' costs has not dissipated (supporting GDXD).If the gold price falls below $4,500, the long position logic for GDXD will be stronger; if the gold price continues to rise and cost pressures on miners ease, the divergence between the two will narrow."
datetime: "2026-04-14T11:09:10.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39896337.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39896337.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39896337.md)
author: "[韭菜觉醒版](https://longbridge.com/en/profiles/26423731.md)"
---

# Physical gold has performed strongly over the past…


### Related Stocks

- [GDXD.US](https://longbridge.com/en/quote/GDXD.US.md)
- [GLDM.US](https://longbridge.com/en/quote/GLDM.US.md)
- [SVXY.US](https://longbridge.com/en/quote/SVXY.US.md)