Retail Is Panic-Buying GDX
The GDX chase
The gold trade is broadening. ETF inflows are returning, retail buying in GLD has surged and the chase is increasingly spilling into higher-beta miners, where GDX is already dramatically outperforming bullion. The move is getting stretched, but momentum remains powerful. The interesting disconnect is in options: despite the GDX squeeze, miner vol remains historically cheap versus GLD, making call spreads a cleaner way to stay involved than chasing the underlying.