Breadth across gold miners is improving rapidly: ~62% of stocks in the gold miners ETF, GDX, are now trading above their 200-day moving average, the highest proportion since May. This percentage has surged +57 points over the last 3 weeks. During this period, GDX has soared +22%, entering bull new market territory. This also marks the sharpest improvement in gold miners’ breadth since March-April 2024. Following the 2024 breakout, GDX gained +52% over the next 12 months. Bullish momentum across gold miners is building.(The Kobeissi Letter)