Top 5 Precious Metals Mutual Funds to Watch in 2025 with Performance and Fees

J.B. Maverick brings over 17 years of experience as a commodity futures broker and stock market analyst, complemented by a decade in finance writing and book editing.

Precious metals mutual funds primarily invest in mining stocks but often include actual bullion of gold and silver in varying proportions. While gold mining stocks dominate, many funds also provide meaningful exposure to other metals like platinum and silver.

These companies operate globally, with significant hubs in the U.S., Canada, Australia, and South Africa. Due to the commodity nature, precious metals funds typically experience higher volatility compared to conventional equity funds.

Key Takeaways

• Most precious metals funds focus on mining equities, covering metals such as gold, silver, and platinum.
• Some funds diversify by holding physical metals alongside stocks.
• The industry is centered in regions rich in precious metal deposits including the U.S., Canada, Australia, and South Africa.
• A wide selection of funds exists for investors aiming to access the metals sector.

1. Allspring Precious Metals Fund (EKWAX) – 2024 Performance & Fees

Originally launched in 1978 under Wells Fargo Asset Management and now managed by Allspring Global Investments, this fund targets long-term capital growth. Manager Michael P. Bradshaw invests at least 80% in companies engaged in exploration, mining, and processing of gold and other precious metals.

The fund may allocate up to 40% of assets to emerging market stocks and 25% to metals-related debt securities. It distributes dividends and capital gains annually.

Expense ratio stands at 1.09%, with a five-year total return of 10.36% as of April 30, 2024. Assets under management total $319.4 million (May 2024). Key holdings: Agnico Eagle Mines, Gold Fields, Alamos Gold, Kinross Gold.

2. Fidelity Select Gold Portfolio Fund (FSAGX) – Returns & Costs 2024

Established in 1985, this fund focuses on capital appreciation through a minimum 80% allocation to gold-related stocks and bullion. Manager Colin James Anderson also invests in other precious metals and related securities, including jewelry distributors, across both U.S. and international markets.

The fund's net expense ratio is 0.7%, boasting a five-year average return of 5.03% as of April 29, 2024. Total assets under management are $1.3 billion.

Major holdings include Agnico Eagle Mines, Wheaton Precious Metals, Franco-Nevada, and Newmont.

3. Gabelli Gold Fund (GLDAX) – 2024 Overview & Fee Structure

Since 1994, Gabelli Gold Fund has pursued long-term capital appreciation by investing at least 80% of assets plus leverage into gold-related equities and bullion, both domestic and foreign. Managed by Caesar Bryan, the fund manages $331.49 million as of May 2024.

Expense ratio is 1.49%, with a five-year annualized return of 12.28%. Notable holdings: Newmont, Agnico Eagle Mines, Northern Star Resources, Wheaton Precious Metals.

4. Victory Capital Precious Metals and Minerals Fund (USAGX) – 2024 Insights

Launched in 1984, this fund aims to preserve purchasing power against inflation while mitigating volatility. Manager Mannik Dhillon invests at least 80% in companies mining gold, silver, platinum, diamonds, and other precious minerals.

With $536.9 million in assets (May 2024) and a net expense ratio of 1.18%, the fund delivered a five-year average return of 9.43% as of April 30, 2024. Major holdings include Agnico Eagle Mines, Barrick, Newmont, and Wheaton Precious Metals.

5. Invesco Gold and Special Minerals Fund (OPGSX) – 2024 Performance Summary

Founded in 1983, this fund focuses on long-term growth through investments in gold and other precious metals mining stocks. Managed by Shanquan Li, it has $1.8 billion in assets as of March 31, 2024.

Net expense ratio is 1.06%, with a five-year average annual return of 9.96%. Portfolio primarily consists of gold (79%), with top holdings including Agnico Eagle Mines, Northern Star Resources, Barrick, Ivanhoe Mines, and Newmont.

Are Precious Metals Funds a Smart Investment in 2024?

Investment suitability depends on individual goals and risk appetite. Precious metals funds offer portfolio diversification and can serve as effective inflation hedges.

Which Precious Metal Should You Invest In?

Gold remains the most favored metal due to its durability, strong inflation-hedging qualities, and extensive use in jewelry and currency.

What Are the Major Precious Metals?

Key precious metals include gold, silver, palladium, platinum, iridium, rhodium, ruthenium, and osmium. Their rarity and industrial and ornamental uses contribute to their high value.

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