The best way to play the precious metals rally in January has not been through the commodities themselves, but mining stocks.
The broad rally to start 2023 has included big gains for one of the world's oldest investment tools and the companies that mine it. The SPDR Gold Trust , which tracks gold prices, has a return of more than 5% in January, roughly matching the S & P 500. It's also now up more than 16% over the past three months.
's Prime Junior Silver Miners ETF has gained more than 8% this month. While silver's industrial uses could present downsides during a recession, Gardner said that a "huge supply-demand imbalance" provides strong fundamentals for silver going forward. To be sure, the rally in gold has lost some steam in recent days. The SPDR Gold Trust had dipped less than 1% for three straight trading sessions entering Tuesday.
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