The VanEck Gold Miners ETF ($GDX) has reached a fresh multi-year high in August 2025, surpassing its June highs by 3.3% and even taking out the 2011 high on a weekly basis. This marks a strong breakout for gold mining stocks, which have outperformed the SPDR Gold Shares ETF ($GLD) significantly this year, with $GDX up 67% year-to-date compared to $GLD's 29%. The rally in $GDX has been accompanied by increased call option buying and is seen as a precursor to potential gains in the price of gold itself. Analysts note that larger-cap mining stocks are attracting more investment, with junior miners expected to follow. The momentum in $GDX is viewed as the beginning of a multi-decade bull run for gold and silver mining stocks, with projections suggesting a rally to the 70 area by October 2025. Gold futures ($GC_F) are also showing signs of following the miners' breakout, reinforcing the bullish trend across the sector. Overall, gold miners are demonstrating a stronger performance relative to gold bullion, indicating a shift in investor preference toward mining equities.