VanEck Gold Miners ETF (GDX)

The VanEck Gold Miners ETF (GDX) sank 17% to $94.20, reflecting the extreme stress across the metals complex. This was not an end to the bull cycle. It was a controlled reset inside it. . . The same players who drained SLV in October have returned, now under far more aggressive conditions: Asian demand is accelerating, London inventories are thinner than the public realizes, Physical premiums are widening, Authorized participants can redeem SLV for physical, And the January 30 shakeout freed up the metal to feed this flow. . . Gold and silver remain structurally bid despite volatility. . . The January flush was a healthy reset within an ongoing bull, not the end of the move. Silver remains in the early stages of a parabolic expansion…