Things changed after the U.S. election, and the gold mining ETF 009832 bucked the trend and soared more than 9%

[Reporter Li Jinghui/Taipei Report] The results of the 2026 U.S. midterm elections have been finalized. The Democratic Party has successfully regained control of the House and Senate, and the political landscape and fiscal policy have ushered in a new reshuffle after the election. The wait-and-see atmosphere in the market quickly dissipated, and funds immediately began to be reallocated across assets. Against the background of divided governance between Congress and the federal government, and the fiscal deficit expected to shrink significantly, the gold mining sector of the U.S. stock market experienced strong gains on November 4, driving the share price of Taiwan's first recently listed U.S. gold mining ETF (009832) to open higher. Compared with the Taiwan stock market, which continued to plummet, it showed strong explosive power. The net value rose by more than 8% at the opening, and was temporarily quoted at 10.21 yuan at 12:40 a.m., a surge of 9.31%.

009832 Mega U.S. Gold Mining ETF tracks the "NYSE TIP U.S. Gold Mining Index" and directly includes the world's leading gold mining companies listed on the U.S. stock market. It can not only participate in the rise in gold prices, but also grasp the advantages of corporate entity operations and profit growth. Compared with selecting a single mining company on your own, ETF provides the convenience of participating in a basket of integrations.

Mega Investments said that as the results of the mid-term elections are announced and the Democratic Party returns to the majority in Congress, the market expects that the new Congress and the government may have more offensive and defensive efforts in fiscal expenditure, taxation and transformation policies. The future federal budget and deficit will be difficult to contain, deepening the market's concerns about the dilution of the US dollar's long-term purchasing power, further laying the foundation for the future prospects of gold prices. Compared with physical gold or futures targets that only reflect one-way fluctuations in gold prices, gold mining companies have achieved solid free cash flow and balance sheets after undergoing cost control and asset structure optimization in recent years. When the price of gold maintains profit margins relative to production costs, gold mining companies will have strong operational capabilities and profit flexibility.

In addition to the post-election political and economic landscape being finalized, gold's long-term fundamentals are also supported by real demand data. According to the latest "Gold Demand Trends" report released by the World Gold Council (WGC), global central banks purchased a net 321 metric tons of gold in the third quarter, with a quarterly increase of 8% and an annual increase of 42%. A total of 675 metric tons were purchased in the first three quarters, indicating the diversification of official reserves and continued strong demand for safe havens.

Compared with technology stocks that investors are familiar with, Mega Investment Bank analyzes that the operational drivers of technology companies are mainly affected by technological demand, product innovation and capital expenditures. However, gold mining stocks depend on gold prices, mining costs, output and corporate operating efficiency. A short-term retracement of gold prices does not mean that gold mining loses investment value. When evaluating gold mining companies, one should start from fundamentals such as "whether mining costs can be controlled, whether output can be maintained, and whether cash flow resilience is available." Under the recent market turbulence, investors whose assets are overly concentrated in technology stocks can effectively reduce the risk of over-reliance on a single theme by allocating the proportion of different industries.