Gold mining stocks are on a tear, with their surge in August outpacing anything chip stocks have managed in years. The MSCI Inc. global gold miners index is up 43% this month, on track for its biggest monthly gain on record. Even at their hottest this year, chip stocks haven’t matched that pace: the MSCI world semiconductor gauge and Philadelphia semiconductor index posted their best month in April, rising 27% and 38%, respectively.

This stark contrast highlights a significant shift in investor sentiment, with precious metals outperforming technology sectors amid broader market volatility. The data underscores gold’s resurgence as a safe-haven asset while semiconductor stocks struggle to sustain earlier momentum. Analysts note the divergence reflects changing macroeconomic pressures and sector-specific demand dynamics.

The trend marks one of the most pronounced monthly performances for gold miners in recent history.