Quick Read – GLDM fell 16% in Q2 2026, marking its worst quarter since 2013, though central banks continue to absorb roughly 1,000 tonnes of gold annually and set a structural demand floor. – GLDM’s 0.10% expense ratio runs four times cheaper than GLD’s 0.40%, a cost gap that…
mpounds materially across a multi-year hold. – JPMorgan, Deutsche Bank, and UBS all cut near-term gold price targets during the selloff but maintained bullish long-term outlooks. – Gold’s second quarter of 2026 was ugly enough to make anyone question the trade. The SPDR Gold MiniShares Trust (NYSEARCA:GLDM) fell 16% between April 1 and June 30, its worst quarterly move in more than a decade
For context, the reference sibling SPDR Gold Shares (NYSEARCA:GLD) went from about $424 at the end of April to about $368 at the end of June, a slide comparable in scale to the infamous Q2 2013 collapse from about $143 to about $119. Rising real yields, a firmer dollar, and rotation back into AI-flavored equities did the damage. Yet the structural bid that pushed GLDM to its January highs never actually left the building.
Reason One. The Price-Insensitive Buyer Is Still There Central banks do not trade gold the way you and I do. They accumulate it as a reserve asset at a pace with little modern precedent.