MSCI's global gold miners index has risen 43% month-to-date, on track for the
largest single-month gain on record and outpacing any monthly rally by chip
stocks in recent years. The rally accelerated after the US Treasury unexpectedly
expanded bond buybacks earlier this month and signaled steps to lower
government borrowing costs. Tomasz Godziek, head of equities, said gold is one
of their largest overweights, citing a weaker dollar and central-bank reserve
diversification. Rising global yields and growing skepticism about returns on
large AI-related spending are weighing on technology stocks.
