Gold mining stocks, represented by the VanEck Vectors Gold Miners ETF (GDX), have surged by over 80% in 2025, reaching fresh 14-year highs and outperforming gold bullion itself, which is up approximately 28% this year. Over the past decade, GDX has delivered a total return of about 420%, more than double the 190% gain in the SPDR Gold Shares ETF (GLD) over the same period. In the last 30 days, GDX rose 15.5% compared to a 0.6% increase in GLD, marking the best relative performance of gold miners to gold in three years. Spot gold prices have climbed back above $3,400 per ounce, with GLD approaching its highest weekly close since early June 2025. Analysts note a clear breakout forming on weekly charts, suggesting potential targets of $3,250 and $3,330 per ounce in the near term, supported by seasonal strength typically observed in September. Silver and other precious metals are also showing strong momentum, nearing breakout levels.