Gold Mining Stocks Surge as Gold and Silver Break Out: Bull Market Enters Hyperdrive

Gold is trading just below all-time highs at around $3,400/oz, buoyed by geopolitical uncertainty, inflation concerns, and a weakening U.S. dollar. Meanwhile, silver has broken out to $35.80/oz, marking its highest level since early 2012.

The VanEck Gold Miners ETF (GDX), a key gauge for gold mining equities, jumped nearly 20% over three sessions to surpass $49, hitting its highest level since September 2012. According to economist Peter Schiff, “Gold is close to a new record high, but the $GDX is already trading at its highest level since Sept. 2012... a sign that this gold bull market has kicked into a higher gear.”

Gold is close to a new record high, but the $GDX is already trading at its highest level since Sept. 2012. The fact that gold mining stocks are now leading the metal is a sign that this gold bull market has kicked into a higher gear, as is the recent breakout in silver. Got gold?— Peter Schiff (@PeterSchiff) June 13, 2025

Silver’s rally adds to the bullish case. “If the technical move catalyzes physical investor-buying, it can take silver much higher very quickly,” said Maria Smirnova, CIO at Sprott Asset Management, in a recent interview with Bloomberg.

Gold Miners Offer Leveraged Upside

Goldman Sachs recently forecast gold could reach $3,700/oz by the end of 2025, citing robust central bank demand and macroeconomic support. Industrial demand for silver, especially in the solar and EV sectors, is also fueling its momentum.

Still, analysts warn of potential volatility, especially in silver, which is historically more prone to sharp corrections. However, with spot prices and mining equities in breakout territory, momentum in the precious metals market appears firmly intact.