#MarketPullback Gold miners’ stocks were dramatically surging just a couple weeks ago. Mounting bullish sentiment was increasingly attracting back traders, who bid the leading gold-stock ETF to dozen-year-plus secular highs. But this sector’s strong upside momentum reversed since, gold stocks rolling over into a selloff. They are leveraging gold’s sharp reversal out of extreme overboughtness, despite their best fundamentals on record.

Before Trump’s reciprocal-tariffs announcement unleashed market chaos in early April, the leading GDX (NYSE:GDX) gold-stock ETF was having a good 2025. It had powered 35.6% higher year-to-date exiting March, which amplified gold’s parallel 19.0% gain by 1.9x. That was decent but on the lower side, as historically gold stocks have tended to leverage material gold moves by 2x to 3x. Their degree of outperformance reflects sentiment.

That waxed pretty bearish after Trump’s Liberation Day press conference, as the extreme fear generated by plunging stock markets sucked in gold stocks. On Friday April 4th as the S&P 500 plunged 6.0%, GDX fared worse collapsing 8.8%! That proved gold stocks’ worst down day since March 2020 during the pandemic-lockdown stock panic. But within days the miners rocketed in a violent V-bounce with their metal.