JPMorgan Chase (NYSE: JPM) says gold prices could test $6,300 in 2026, thanks to an increase in central bank buying and global tensions.
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In addition, some gold mining companies are capitalizing on the recent pullback in gold prices and are buying back stock at record levels. In fact, according to Tavi Costa, CEO of Azuria Capital, as quoted by ETF Database, “Gold miners are now doing more share buybacks than at any other point in history. We have never seen anything remotely close to the scale of what is happening today.”
Goldman Sachs (NYSE: GS) is also bullish on gold with a year-end forecast of $5,400 per troy ounce after increasing its estimates for central bank demand and predicting that official-sector purchases will continue accelerating throughout the remainder of 2026.
Looking further ahead, Goldman expects central bank buying to average around 60 tonnes per month through 2026. The bank pointed to findings from its own central bank survey that showed “strong underlying interest in gold,” adding that recent geopolitical tensions “are likely to reinforce diversification over time — both for central banks and private investors.”
Central Banks Continue to Drive Gold Demand
One of the biggest catalysts behind bullish gold forecasts is the aggressive pace of central bank accumulation. Countries around the world have been steadily increasing gold reserves as they seek to diversify away from the U.S. dollar and reduce exposure to geopolitical uncertainty.
This trend has created a powerful source of long-term demand that many analysts believe will continue to support gold prices well into 2026 and beyond. As global tensions remain elevated and sovereign debt concerns persist, gold continues to reinforce its reputation as a strategic reserve asset during periods of economic uncertainty.
What’s the Best Way to Trade Further Upside in Gold?
One way is to jump into exchange-traded funds (ETFs). Gold ETFs are gaining attention amid the recent pullback in gold prices, creating a potential buying opportunity for investors seeking diversified exposure. Here are three names that focus on different areas of the mining trade, offering diversified exposure.
VanEck Vectors Gold Miners ETF
One of the best ways to diversify at less cost is with gold ETFs, such as the VanEck Vectors Gold Miners ETF (NYSEARCA: GDX). Not only can you gain access to some of the biggest gold stocks in the world, but you can also do so at less cost.
With an expense ratio of 0.51%, the ETF holds positions in many of the largest miners, including Newmont Corp., Barrick Gold, Franco-Nevada, Agnico Eagle Mines, Gold Fields, and Wheaton Precious Metals.
The ETF also pays an annual dividend. In December 2025, it paid a dividend of just over 63 cents a share. In December 2024, it paid a dividend of just over 40 cents per share. In December 2023, it paid a dividend of just over 50 cents per share.
Why Gold Mining Stocks Can Outperform Bullion
While many investors focus directly on gold prices, mining companies can sometimes generate even stronger returns during bullish commodity cycles. That’s because miners benefit from operational leverage.
When gold prices rise, production costs often remain relatively stable, allowing profit margins to expand significantly. Stronger cash flow can then support dividend growth, debt reduction, and aggressive share repurchase programs. This dynamic is helping attract renewed institutional interest in the gold mining sector, particularly among larger producers with strong balance sheets and efficient operations.
Even better, shares of mining stocks often outperform the price of gold. That’s because higher gold prices can boost profit margins and free cash flow for gold miners. In addition, top gold miners often have limited exposure to riskier mining projects.
Sprott Junior Gold Miners ETF
With an expense ratio of 0.5%, the Sprott Junior Gold Miners ETF (NYSEARCA: SGDJ) seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Index. The Index aims to track the performance of small-cap gold companies whose stocks are listed on regulated exchanges.
Some of its top holdings include Lundin Gold Inc., Seabridge Gold, Equinox Gold, Victoria Gold, Westgold Resources, Osisko Mining, K92 Mining Inc., Novagold Resources, Regis Resources, New Gold Inc., Sabina Gold & Silver, Argonaut Gold, Centerra Gold, Coeur Mining, Skeena Resources, and K92 Mining.
Global X Gold Explorers ETF
With an expense ratio of 0.65%, the Global X Gold Explorers ETF (NYSEARCA: GOEX) invests in companies involved with gold deposit exploration.
Some of its top 50 holdings include Coeur Mining, Lundin Gold, Hecla Mining, New Gold Inc., SSR Mining, and Alamos Gold. GOEX also pays a semi-annual dividend. Its last dividend of just over $1.67 per share was paid out on December 30, 2025.
In short…
As central banks continue to accumulate gold and Wall Street firms project substantial upside for the precious metal through 2026, investors are increasingly seeking efficient ways to gain exposure to the sector.
While physical gold remains a traditional safe-haven asset, gold-focused ETFs offer diversified access to miners, explorers, and royalty companies that could benefit even more from rising bullion prices. With firms like JPMorgan and Goldman Sachs forecasting continued strength in gold, funds such as GDX, SGDJ, and GOEX may present compelling opportunities for investors seeking growth, income, and diversification in an uncertain global market.
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