
Gold has been the ultimate and relatively safe bet among the various “Trump trades.” While President Donald Trump’s policies have been negative for companies that rely on imports, the tariff uncertainty has invariably been a boon for gold.
The precious metal has outperformed broader markets in 2025, with the SPDR Gold Trust ETF (GLD) up over 33% for the year. Gold mining companies, which tend to rise or fall more than gold prices, have also delivered stellar returns, and the VanEck Gold Miners ETF (GDX) has gained over 90% this year.