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.
Gold miner ETFs have been on a historic run, propelling them toward their best year ever.
The $22 billion VanEck Gold Miners ETF (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.
The turnaround coincides with gold’s surge to nearly $3,900/oz. The SPDR Gold Shares (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) with $936 million and the Amplify Junior Silver Miners ETF (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.
