It’s not quite a first-to-worst story, but after shining last year, gold has lost considerable luster in 2026.
Thanks to a strong start to August, the SPDR Gold Shares and other gold ETFs backed by physical holdings of the commodity are sporting modest year-to-date gains
If not for that recent strength, gold and related stocks and ETFs would likely be saddled with losses in 2026. Well, not all gold equities. Confirming it is, in fact, a viable alternative to directly owning bullion or a comparable exchange-traded fund (ETF), Wheaton Precious Metals (NYSE: WPM) is up 13.4% this year.
Given that gold stocks are often described as under-owned, perhaps chronically so, Wheaton may not be a household name to a broad swath of investors. However, the stock is worth examining, particularly for investors seeking a unique avenue for gold exposure. Understanding Wheaton’s “magic” Broadly speaking, gold-aware investors are familiar with commodity futures, direct holdings of gold (bars, coins, jewelry, etc.), ETFs, and mining stocks.