Old West Cuts Gold-Stock Exposure After 2025 Meme-Like Surge to Record Highs
Updated
Updated · Bloomberg · Jun 13
Old West Cuts Gold-Stock Exposure After 2025 Meme-Like Surge to Record Highs
3 articles · Updated · Bloomberg · Jun 13
Summary
Brian Laks has been trimming Old West Investment Management’s gold-stock holdings after bullion and miners surged to record highs and, in his view, began trading like meme stocks.
More than a decade into using gold shares as a hedge against portfolio volatility and geopolitical stress, Laks said the trade changed last year when price action turned unusually speculative.
That shift undermined the deep-value case for the sector, which he had favored for haven-like qualities and steadier returns rather than momentum-driven swings.
The move highlights growing unease that parts of the gold trade are behaving less like traditional defensive assets and more like momentum plays.