Junior gold mining ETF $GDXJ and gold mining ETF $GDX have experienced substantial gains in 2025, with both up approximately 60-65% year-to-date. $GDXJ, which has notable silver exposure, has more than doubled over the past 18 months amid improving market sentiment, declining cost inflation, and favorable macroeconomic and policy catalysts. Silver has reached relative strength levels not seen in 13 years compared to gold, contributing to a breakout in mining stocks. Despite this rally, valuations remain relatively depressed, and overall allocations to mining assets are still low. Market observers highlight that the gold bull market appears to be extending into higher beta correlated assets such as junior miners, with some projecting $GDXJ could potentially double again over the next year.