The Miners Are in Charge

There are moments in every bull market when the message becomes impossible to ignore. 

The pullbacks stop working. 

The skeptics get louder. 

And price just keeps pressing higher anyway.

That’s where we are right now in the precious metals cycle.

Every dip continues to get bought like cornmeal by the bulls. 

And beneath the surface, risk appetite across the precious metals ecosystem is surging.

This is exactly what healthy bull markets do. 

They rotate. 

They consolidate. 

They frustrate late entrants and top-callers alike. 

And then they push higher again.

What makes this phase especially important is not just what’s happening in the futures markets, but also how aggressively capital is flowing into the miners. 

Since Gold broke out of its multi-decade base on March 4, 2024, the returns in precious metal stocks have moved from impressive to historic.

The Global X Silver Miners ETF $SIL has surged by more than 300%, with the Amplify Junior Silver Miners ETF $SILJ close behind. 

The VanEck Junior Gold Miners ETF $GDXJ has compounded at a rate most investors have never experienced. 

Even the large-cap Gold miners, the VanEck Gold Miners ETF $GDX, which has long been dismissed as “dead money,” have delivered gains north of 250%.

Over that same stretch, the S&P 500 is up roughly 35%. That’s a solid return by any normal standard. But in this environment, it barely registers.