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Articles by Imaru Casanova
What Investors Should Know About Gold Mining Equities Original
Personalize Your Experience As a global investment manager, we offer unique, specialized content based on region and investor type. For the best experience, please select from the below: Select Your Country / Region Select Investor Type Gold mining equities offer compelling upside, but the sector rewards investors who understand what they own. Learn the key principles of jurisdiction, management, diversification, and long-term value.
Why Gold Miners Are More Resilient Than Their Costs Suggest
Gold held above $4,000 in July while miners faced volatility, but record margins suggest cost fears may be overstated. Key Takeaways Gold remained above $4,000 per ounce in July, while gold mining equities experienced a volatile month. Rising production costs remain an important consideration, but gold prices have risen much faster than mining costs during the current cycle. Strong margins continue to support free cash flow, disciplined capital allocation and investment in future production.
Upcoming Webinar - Gold's Pullback and The Opportunity Ahead
After reaching a record high in January, gold has pulled back sharply as rising Fed rate hike expectations and a stronger dollar weighed on the metal. The near-term picture is uncertain, but the structural backdrop has not changed, central banks are still accumulating at historically elevated levels, de-dollarization trends persist, and institutional forecasters see significant upside from current levels.
Gold Pullback: Why the Long-Term Investment Case Remains Intact
Personalize Your Experience As a global investment manager, we offer unique, specialized content based on region and investor type. For the best experience, please select from the below: Select Your Country / Region Select Investor Type Gold pulled back roughly 25% from January highs, but the long-term case remains supported by inflation, central bank buying, and lower real rates.
Gold Equities and the Trust Gap
Gold mining stocks posted gains in May even as the gold price dipped, yet generalist investors remain largely absent from the sector despite record margins and strong balance sheets.
Upcoming Webinar - Gold’s Bullish Path Ahead: Outlook, Miners and Portfolio Positioning
Webinar details 10:00 AM US ET Duration 60 MIN With gold navigating a period of elevated volatility, the question on every investor's mind is what the road ahead will look like and how gold should fit within a broader portfolio. Join us for a panel discussion where our team of gold market experts will explore the key forces shaping gold's outlook, from central bank reserve diversification and persistent U.S. fiscal pressures to the evolving geopolitical landscape and its impact on the dollar.
Sustaining Strength in a Higher Gold Price Environment
Important Disclosures All company, sector, and sub-industry weightings as of February 28, 2026, unless otherwise noted. Please note that VanEck may offer investment products that invest in the asset class(es) or industries included in this communication. This is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice.
Gold Bull Market Endures Early 2026 Volatility | VanEck
Gold price swings in January highlighted volatility, not weakness. Strong demand, central bank buying and improving miner fundamentals continue to support a durable long-term bull market in 2026. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. Key Takeaways: Gold’s January spike and drop highlight volatility, but the bull market thesis remains intact.
Webinar Registration | VanEck
Personalize Your Experience As a global investment manager, we offer unique, specialized content based on region and investor type. For the best experience, please select from the below: Select Your Country / Region Select Investor Type Webinar details 10:00 AM US ET Duration 60 MIN Gold’s exceptional performance in 2025 has reinforced its role as a core portfolio asset, but many investors are now asking whether it’s too late to participate.
As Gold Soars, Opportunity Lies in ‘Better, Not Bigger’ Mining Acquisitions
Important Disclosures All company, sector, and sub-industry weightings as of November 30, 2025, unless otherwise noted. Please note that VanEck may offer investment products that invest in the asset class(es) or industries included in this communication. This is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice.
Gold’s Rally Holds Strong Above $4,000
Important Disclosures All company, sector, and sub-industry weightings as of October 31, 2025, unless otherwise noted. Please note that VanEck may offer investment products that invest in the asset class(es) or industries included in this communication. This is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice.
Gold’s Relentless Rally: Fundamentals and Renewed Investor Confidence
Important Disclosures All company, sector, and sub-industry weightings as of September 30, 2025, unless otherwise noted. Please note that VanEck may offer investment products that invest in the asset class(es) or industries included in this communication. This is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice.
The Cost of Leverage: Gold Miners' Margins Matter | VanEck
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions. This information originates from VanEck (Europe) GmbH, which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str.
The Cost of Leverage: Gold Miners' Margins Matter
Gold held steady in May near $3,200/oz despite strong equity markets, while gold miners gained 3%, aided by solid Q1 results—even as rising gold prices added to production costs. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits.
Still on the Sidelines? Why Gold Has a Place in a Well-Diversified Portfolio | VanEck
IMPORTANT INFORMATION This is marketing communication. Please refer to the prospectus of the UCITS and to the KID/KIID before making any final investment decisions. These documents are available in English and the KIDs/KIIDs in local languages and can be obtained free of charge at www.vaneck.com, from VanEck Asset Management B.V. (the “Management Company”) or, where applicable, from the relevant appointed facility agent for your country.
Still on the Sidelines? Why Gold Belongs in Your Portfolio Today
April’s tariff chaos and market swings reinforced gold’s role as a safe haven. If you’re worried you missed the rally, don’t be—we explore why gold still has room to run and how much to own. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. Monthly Commentary Still on the Sidelines?
Riding the Gold Wave: Record Prices, Strategic Mergers and Miners' Resilience | VanEck
IMPORTANT INFORMATION This is marketing communication. This information originates from VanEck (Europe) GmbH, Kreuznacher Str. 30, 60486 Frankfurt, Germany, and has been appointed as distributor of VanEck products in Europe by the UCITS Management Company, VanEck Asset Management B.V. The Management Company is incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM).
Our Portfolio Managers Weigh Impact of Trump’s Tariffs
As markets react to sweeping new tariffs, our portfolio managers weigh in on what this means for their respective asset classes and strategies. Markets were already on edge, and sweeping new tariffs from President Trump have added another level of complexity. To help investors make sense of the implications, we asked our portfolio managers two key questions: How do the new tariffs impact your asset class? What indicators should investors be watching?
Webinar Registration | VanEck
Gold has surged to new all-time highs above $3,000/oz, driven by renewed flows into gold-backed ETFs and continued strong demand from global central banks. At the same time, gold miners are beginning to regain leverage to gold prices, emerging as some of the best-performing stocks so far this year.
Dollar’s Trouble Could Be Gold’s Triumph | VanEck
Gold’s Record Highs and Market Drivers Gold continued its upward trajectory in February, reaching a record high of $2,951.73 per ounce on 24 February, driven by safe-haven demand amid concerns over U.S. trade policy. The Trump administration’s policy induced uncertainty, combined with rising inflation expectations and diminished consumer confidence, weighed on major stock indexes, further boosting gold’s appeal as an alternative investment and portfolio diversifier.
Market Chaos Ignites Gold’s Surge– Are You In? | VanEck
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions. This information originates from VanEck (Europe) GmbH, which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str.
Webinar Registration | VanEck
Trade tariffs are reshaping global markets, and gold is no exception. With gold recently trading at all-time highs, market participants are weighing the potential impact on both physical gold and gold miners.
Plan for 2025: Predictions from Our Portfolio Managers
Get your portfolio ready with detailed insights from VanEck’s investment team about the factors driving risk and returns in their respective asset classes. CEO Jan van Eck recently outlined four pivotal macroeconomic trends shaping the investment landscape heading into 2025: The U.S. faces a fiscal reckoning, with potential government spending cuts and persistent inflation risks underscoring the importance of diversified equity portfolios and robust inflation hedges.
October Gold Rally and Key Earnings Insights | VanEck
To receive more Gold Investing insights, sign up to our newsletter. * Source: World Gold Council.
October Gold Rally and Key Earnings Insights
Gold continued to rally in October, closing at a record price on October 30. Performance of gold equities was mixed in October, in part due to a sharp sell-off of Newmont in late-October. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits.
Webinar Registration | VanEck
Gold has reached new all-time highs every month for the last three months and is now one of the best performing asset classes year-to-date. While the metal’s run has been nothing short of impressive, many of its fundamental drivers still remain in place today.
Fed Rate Cut Sparks Record Gold Price Amid Global Uncertainty
Geopolitical unrest and a surprise 50 bps rate cut from the Fed propelled the gold sector in September. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. Monthly Commentary Fed Rate Cut Sparks Record Gold Price Amid Global Uncertainty The long awaited first interest rate cut by the U.S. Federal Reserve (the “Fed”) was no doubt the focus of market participants during September.
As Gold Hits High, Miners Remain an Opportunity | VanEck
IMPORTANT INFORMATION This is a marketing communication. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions. This information originates from VanEck (Europe) GmbH, which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM).
A Brief Pause After a Strong Gold Rally? | VanEck
Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. Mixed News Drives Flat Prices in May After reaching a new all-time high in May, offsetting forces kept gold unchanged during the month of June. Gold traded as high as $2,376 per ounce on 6 June. On 7 June, gold closed at its monthly low of $2,294 following news that the central bank of China did not buy any gold bullion in May.
Webinar Registration | VanEck
Gold reached all-time highs in May 2024 on its way to forming a new, higher base. At the same time, gold companies have shown how they are ready to capitalize on these higher prices with costs now firmly under control.
Gold Soars to Fresh Highs as Regional Risks Rise | VanEck
In Focus: Regional And Country-Specific Risks We have also highlighted the impact of jurisdiction risk on companies’ valuations. Gold mining companies face many risks related to the regions where they operate. Markets have a hard time differentiating between broader jurisdictional risk and risks to mining operations, specifically.
Gold Soars to Fresh Highs as Regional Risks Rise
Gold surged to a record $2,450 in May, driven by strong central bank buying and Asian demand. Miners outperformed, but gold eased by month's end due to a stronger dollar and higher bond yields. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. An expanded PDF version of this commentary, including fund specific information can be downloaded here.
Sticky Inflation Boosts Gold | VanEck
Source: VanEck, Bloomberg. Data as of 31 March 2024. Note: January 1980’s intra-month high of $815 (in nominal terms) would be equal to approximately $2,819 in today’s (2024) dollars. Of course, that would require the continued support of the current drivers of demand—particularly the official sector. Central banks have emerged as an important driver of gold prices over the last two years. They appear to be on a longer-term trend of gold buying.
Sticky Inflation Boosts Gold
Gold continued to rally in April, trading above $2,400 during the month. The convergence of diverse economic and geopolitical factors suggests the potential for gold to further bolster its gains. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. An expanded PDF version of this commentary, including fund specific information can be downloaded here.
Ima in Barron’s: Yes, Gold Prices Can Keep Rallying
In a recent Q&A with Barron’s, VanEck’s Ima Casanova discusses gold’s unorthodox rally and why she’s bullish on gold and mining stocks. John Maynard Keynes famously critiqued the gold standard as a "barbarous relic," yet recent trends in the gold market might suggest otherwise. Gold has hit all-time highs—and its investment demand hasn’t even reached peak levels yet, according to Portfolio Manager Ima Casanova.
With Gold at New Highs, Miners Consider More than Price | VanEck
Gold closed at an all-time high in March; a disciplined, cautious and consistent approach to acquisitions may bode well for gold equities. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining. Gold Reaches New All-Time Highs After several failed attempts over the last three years, gold finally managed to break through its August 2020 high of $2,075 per ounce.
Webinar Registration | VanEck
Gold reached new all-time highs in March, and miners, still exhibiting discipline and sound company fundamentals, appear well-positioned to benefit…but will they?
With Gold at New Highs, Miners Consider More than Price
Gold closed at an all-time high in March; a disciplined, cautious and consistent approach to acquisitions may bode well for gold equities. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. An expanded PDF version of this commentary, including fund specific information can be downloaded here.
Gold Miners are Digging In (Despite Your Disinterest) | VanEck
Through forward-looking, intelligently designed active and ETF solutions, we offer value-added exposures to emerging industries, asset classes and markets as well as differentiated approaches to traditional strategies. VanEck's investment teams offer active and passive strategies with compelling exposures supported by well-designed investment processes. The firm's capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversificaiton.
Gold Miners are Digging In (Despite Your Disinterest)
Welcome to VanEck VanEck is a global investment manager with offices around the world. To help you find content that is suitable for your investment needs, please select your country and investor type. Select Your Country / Region Select Investor Type Gold was little-changed in February; gold equities are poised to benefit from the recent upswing in gold prices.
Silver’s Golden Outlook | VanEck
Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. Gold pauses on rate outlook Gold traded in a tight range in the first month of 2024, reaching a low of $2,006 per ounce on 17 January as the market reassessed the odds of a U.S. Federal Reserve (Fed) cut in March. The implied probability of the March rate cut dropped from 81.5% at the beginning of the year to 35% at the end of January.
Silver’s Golden Outlook
Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. An expanded PDF version of this commentary, including fund specific information can be downloaded here. Gold pauses on rate outlook Gold traded in a tight range in the first month of 2024, reaching a low of $2,006 per ounce on January 17 as the market reassessed the odds of a U.S. Federal Reserve (Fed) cut in March.
New Highs Propel Gold into 2024 | VanEck
Through forward-looking, intelligently designed active and ETF solutions, we offer value-added exposures to emerging industries, asset classes and markets as well as differentiated approaches to traditional strategies. VanEck's investment teams offer active and passive strategies with compelling exposures supported by well-designed investment processes. The firm's capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversificaiton.
New Highs Propel Gold into 2024
Spot gold climbs to a record high in 2023; the main drivers behind last year’s gold rally should continue to support gold in 2024. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. An expanded PDF version of this commentary, including fund specific information can be downloaded here.
Webinar Registration | VanEck
Gold made new all-time highs in the fourth quarter of 2023. Strength in the bullion markets provided a much-needed boost for the miners too, whose relative underperformance versus gold reached near-record levels heading into December. The appetite for gold-backed exchange-traded funds and gold mining stocks remains relatively subdued, for now. However, gold and gold miners continue to build a compelling investment case for themselves as we enter 2024.
As Gold Hits Highs, Miners Step Up
Gold sets a new intraday all-time high on December 4. We believe Gold equities will benefit from sustained, record high gold prices as investors look for leveraged and diversified exposure to gold. Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. An expanded PDF version of this commentary, including fund specific information can be downloaded here.
Gold Rallies on Geopolitical Uncertainty | VanEck
Through forward-looking, intelligently designed active and ETF solutions, we offer value-added exposures to emerging industries, asset classes and markets as well as differentiated approaches to traditional strategies. VanEck's investment teams offer active and passive strategies with compelling exposures supported by well-designed investment processes. The firm's capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversificaiton.
Sector Re-Rating a Boon for Gold Stocks?
Important Disclosures All company, sector, and sub-industry weightings as of October 31, 2023, unless otherwise noted. Please note that VanEck may offer investments products that invest in the asset class(es) or industries included in this communication. This is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice.
Gold Falls Victim to Market Dislocation | VanEck
Gold succumbed to the pressures of rising yields and a strong U.S. dollar in September, but is positioned to benefit when market dislocation reverses. Gold finally gives way to dollar strength Gold fell below $1,900 per ounce in the final week of September. Gold tested the $1,900 level at the end of June, and again in August, but found support and bounced above it. However, this time, it failed to find support, dropping to $1,849 per ounce on 29 September, a $92 loss (-4.7%) for the month.
Gold Falls Victim to Market Dislocation
Monthly gold market and economic insights from Imaru Casanova, Portfolio Manager, featuring her unique views on mining and gold’s portfolio benefits. An expanded PDF version of this commentary, including fund specific information can be downloaded here. Gold finally gives way to dollar strength Gold fell below $1,900 per ounce in the final week of September. Gold tested the $1,900 level at the end of June, and again in August, but found support and bounced above it.
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