According to @EricBalchunas, gold miner stocks have delivered more than double gold’s performance over the past 10 years, source: Eric Balchunas on X, Sep 12, 2025. This decade-long relative outperformance favors higher-beta miner exposure over bullion for momentum and pairs-trading screens, source: Eric Balchunas on X, Sep 12, 2025. Traders assessing equity proxies for gold can evaluate liquidity and execution in miner-focused ETFs such as GDX and GDXJ in light of the cited trend, source: Eric Balchunas on X, Sep 12, 2025.