$NVDA up 15% last year. Gold miners? +67%.
Gold itself only +35%. So it's not the metal.
What changed? Who owns them.
Coeur saw 71% more institutional owners in June vs a year ago. Apple? Only 9% growth on that measure.
This is an adoption curve play, not a commodity trade.
When institutions pile into a sector that was previously ignored, prices move. Gold miners weren't just riding gold prices — they were getting discovered. That's the real alpha.
Gold itself only +35%. So it's not the metal.
What changed? Who owns them.
Coeur saw 71% more institutional owners in June vs a year ago. Apple? Only 9% growth on that measure.
This is an adoption curve play, not a commodity trade.
When institutions pile into a sector that was previously ignored, prices move. Gold miners weren't just riding gold prices — they were getting discovered. That's the real alpha.