What Is Merk Investments' View on Gold Miners?

Updated

Merk Investments frames gold miners as a question rather than a verdict: its published material asks whether miners are "Bargains or Peaking Out?" and addresses the topic through a webinar featuring CIO Axel Merk with portfolio managers Peter Maletis and Jamie Holman. The firm's stated mission is to help clients "achieve superior risk-adjusted portfolio performance," and it describes its approach as seeking "truly uncorrelated returns." Gold mining sits inside that framework as part of its gold equities coverage, not as a standalone call.

Where the View Appears

The gold miner discussion is not presented as a single published thesis on the homepage. It surfaces through several channels:

  • A webinar replay titled "Gold Miners: Bargains or Peaking Out?" held Nov 13, 2025, with Axel Merk, Peter Maletis, and Jamie Holman. The title itself poses the valuation question rather than answering it.
  • Investment Strategies covering both gold and gold equities — the category under which miner exposure would fall.
  • Insights & Reports, including an October Chart Book (Axel Merk, Darshan Bhavsar) and an article titled "Gold Diggers Without Mining Expertise: ASA."
  • Axel Merk's commentary on X, where he has discussed gold volatility — noting that periods of volatility comparable to the S&P are interrupted by periods of substantial volatility, and cautioning against assuming low volatility is normal.

What the Framing Suggests

Two things are worth separating:

  1. The firm's positioning. Merk describes its strategies as targeting uncorrelated returns within tailored objectives. Gold and gold mining are the vehicles it names, which means miner exposure is treated as a portfolio component rather than a directional bet on the sector.
  2. The open question. "Bargains or Peaking Out?" is deliberately two-sided. The webinar format — CIO plus two portfolio managers — indicates the answer depends on valuation, mining economics, and market conditions rather than a fixed house view you can quote in one line.

The "Gold Diggers Without Mining Expertise: ASA" piece points to a related theme: gaining gold-miner-like exposure without requiring direct mining expertise, using a listed vehicle. That is a structural choice about how to hold the exposure, not a prediction about where miners go.

How to Get the Actual View

If you want Merk's reasoning rather than its topic list, the primary sources are:

Source What it gives you
Webinar replay (Nov 13, 2025) The fullest discussion — CIO and PMs on whether miners are cheap or extended
October Chart Book Data-driven framing behind the firm's market views
"Gold Diggers Without Mining Expertise: ASA" A specific approach to miner exposure without operating mines
Axel Merk on X Real-time commentary, including on gold volatility

The homepage offers a newsletter subscription for ongoing updates, and the webinar replay is described as "now available."

What This Does and Doesn't Tell You

It tells you Merk covers gold miners actively, treats the bargain-versus-peak question as live, and discusses it through both written reports and live sessions with the people managing the exposure. It does not tell you a settled conclusion — the homepage does not state whether the firm currently considers miners cheap or expensive, and no performance figures or position details appear in the available material. For the actual argument, the webinar replay and chart book are where the reasoning lives.