##  [# Gold and Silver Miner ETFs Go Parabolic in 2025](/sections/features/gold-and-silver-miner-etfs-go-parabolic-2025) 

 

# Gold and Silver Miner ETFs Go Parabolic in 2025

 

 

VanEck’s GDX has surged 123% in 2025, topping its old highs as gold hits $3,900.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Sep 30, 2025

 Edited by: ETF.com Staff

 

 

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Gold miner ETFs have been on a historic run, propelling them toward their best year ever.  
  
The $22 billion [**VanEck Gold Miners ETF (GDX**)](/gdx) has skyrocketed 123% year-to-date, including a 47% surge over the past two months alone. If the year ended today, it would mark the strongest annual performance in the fund’s nearly two-decade history.  
  
The only comparable gain came in 2016, when GDX was up as much as 128% intrayear but finished with a 53% gain.   
  
During its latest run, GDX broke through its old all-time high from 2011, a dramatic reversal for an industry that has spent much of the last 15 years mired in underperformance due to operational issues and weak investor sentiment.  
  
![GDXlastprice](/sites/default/files/inline-images/gdx.png)  
  
The turnaround coincides with gold’s surge to nearly $3,900/oz. The [**SPDR Gold Shares (GLD)**](/gld) has climbed 47% this year, while U.S.-listed gold ETFs have raked in almost $35 billion of inflows.  
  
In contrast, gold miner ETFs have bled $4.6 billion in 2025—including $3.8 billion from GDX itself—suggesting that ETF investors prefer direct exposure to the metal rather than the higher-risk mining stocks.

## Silver Miners Surge, Too

It’s a different story for silver miners. U.S.-listed silver miner ETFs have gathered $1.7 billion in inflows this year, led by the [**Global X Silver Miners ETF (SIL)**](/sil) with $936 million and the [**Amplify Junior Silver Miners ETF (SILJ)**](/silj) with $480 million. Both funds have soared—124% and 131%, respectively—matching GDX’s gains.  
  
SIL, now the largest silver miner ETF at $3.7 billion in assets, hasn’t yet eclipsed its 2011 peak. Silver itself remains below prior highs as well, though it recently neared $47/oz for the first time since 2011, pushing its year-to-date gains to 61%.  
  
Silver prices challenged $50 in both 1980 and 2011. With momentum building again, investors are watching closely to see if this will be the third attempt.

 
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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


 Related Topics  [Gold Miners](http://www.etf.com/topics/gold-miners) 

 [Gold](http://www.etf.com/topics/gold)