Gold-mining equities extended their summer rally this week, pushing the VanEck Gold Miners ETF up almost 4% to its highest level in several years and 3.3% above the fund’s June peak. Large-cap producers led the move, with Gold Fields climbing roughly 7% and names such as Barrick Gold, Agnico Eagle Mines and Kinross Gold also touching new bull-market highs. The outperformance comes even as the metal itself shows limited momentum. Spot prices erased an early $20 decline on Monday but remain largely flat, leaving the SPDR Gold Trust still below its 2025 top. Over the past decade the miners have returned about 357%, nearly doubling bullion’s 198% gain. Options traders appear to be positioning for further strength in the sector. Roughly 1,000 March $33 call contracts changed hands in Gold Fields at about $3.50, while broad-based call buying was reported across the mining complex. The junior-focused GDXJ remains 3.6% shy of its June high, suggesting smaller producers have yet to match the large-cap rally.