Gold Miners Just Hit an Extreme Historically Oversold Level

Take a look at this chart.

Right now, ~95% of all stocks in the GDX (Gold Miners ETF) are officially trading in a bear market.

This is one of the highest readings since at least 2023 — and it just spiked dramatically in the last 4 weeks (+850%). While gold itself has held relatively firm, the miners have been absolutely crushed, down roughly 25% in a very short period.

This level of capitulation is rare.

For comparison:

In October 2023, when ~90% of GDX stocks were in bear market territory, the ETF subsequently rallied +346% over the next ~2.5 years — delivering one of the strongest bull runs in its history.

The controversial truth:

The crowd is currently hating gold miners more than ever. Sentiment is extremely negative, and most investors have already written them off.

But extreme oversold conditions like this have repeatedly marked major turning points for the sector — not the beginning of a long bear market.

When fear reaches this level and nearly every miner is technically in a bear market, it often signals that the worst is already priced in. The setup for a powerful rebound becomes extremely attractive.

History shows that when gold miners reach this kind of capitulation, the subsequent recovery can be explosive.

Are we witnessing the final washout before a massive rally in gold stocks — just like late 2023?

Or will this time be different?

This is one of the most extreme oversold setups we’ve seen in years.

Follow for updates on gold miners and key levels as this situation develops.