A New Phase of the Bull Market

Over the past few weeks here at Gold Rush, we’ve talked a lot about January 29, 2026.

That was the day the character of this market changed, at least temporarily. 

Silver printed a ten-standard-deviation downside move in a single session. 

The entire precious metals complex was hit with aggressive selling pressure. 

It was the kind of volatility event that forces you to step back, reassess positioning, and respect the possibility of a deeper corrective phase.

At the time, that made sense.

Going into late January, Gold, Silver, and Platinum were historically extended from their 200-week moving averages. 

We had been obnoxiously bullish since March 4, 2024, and rightfully so, but trends that stretched don’t glide back to equilibrium. They snap.

And snap they did.

But here’s what’s fascinating.

Since that January 29 peak, Silver is still down roughly 20%. Gold is down about 2.5%. On the surface, that looks like damage.

Yet beneath the surface, something very different is happening.

Every major precious metals mining ETF, GDXJ, SILJ, GOEX, RING, GDX, and SIL, is positive since that same January 29 peak.

Let that sink in.

The metals corrected.

The miners did not.

What's more, the Junior Gold Miners ETF $GDXJ and the Junior Silver Miners ETF $SILJ are at the top of the leaderboard. 

This isn’t defensive positioning into mega-cap names. This is risk appetite expanding inside the precious metals complex.

That’s not what a topping process looks like...

When precious metals peak as an asset class, Gold outperforms miners. 

Capital hides in the metal. 

Risk contracts. 

And you do not see aggressive flows into the junior miners.

But that’s exactly what we’re seeing right now.