GDX Ownership = Retail Interest in Gold Stocks

In our opinion, a chart of VanEck Gold Miners ETF (GDX) shares outstanding is equivalent to retail investor interest in gold stocks.

GDX shares outstanding have gone straight down in 2025 year-to-date and finished last week at a new 9-year low despite GDX being the top performing ETF of 2025.

It is impossible to express in words how early we are into this gold miner/explorer rally. Almost all of the buying so far has come from hedge fund managers like John Paulson. Paulson owns large stakes in multiple mining stocks including Equinox Gold (EQX) which was founded by Augusta Gold (TSX: G) Executive Chairman Richard Warke. Click here to read our latest up-to-date Augusta Gold report!

Focus on where Augusta Gold (TSX: G) and Highlander Silver (CSE: HSLV) will be trading after GDX shares outstanding are back up to 500 million.

GDX has only 303 million shares outstanding which means retail investors continue to sell gold stocks and buy Crypto and other worthless assets that will soon decline to zero after Tether goes bust.

Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA’s President has purchased 232,200 shares of G and may purchase more shares. NIA’s President has purchased 125,000 shares of HSLV and can buy or sell shares at any time. This message is meant for informational and educational purposes only and does not provide investment advice.