XME Rode Gold to a Near Double, Now Freeport’s Q2 Restart Will Test the Rally

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The SPDR S&P Metals & Mining ETF (XME) has nearly doubled in the past year, driven by surging gold prices and increasing copper demand. While Newmont has seen significant free cash flow from high gold prices, Freeport-McMoRan’s planned Q2 2026 restart of its Grasberg mine will be a critical test for the ETF’s future performance, which also hinges on commodity price stability and production execution by its top holdings.

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