$GDX & $GDXJ made new highs today as investors rotate out of AI and crypto-related stocks into gold and silver mining stocks. It's still early in the rotation, so prices still h...

Gold miners (GDX) and junior miners (GDXJ) printing new highs is a risk-on signal within the precious-metals complex and suggests improving equity beta to gold/silver. The stated driver is rotation out of AI/crypto into miners, which—if sustained—can tighten liquidity for general equities while boosting mining multiples and leverage to spot. Desk takeaway: watch for confirmation via sustained inflows/volume in GDX/GDXJ and relative strength vs spot gold; if miners continue to lead, it can front-run further upside in bullion and silver. Near-term risk is a one-day headline-driven move that fades without ETF inflows and improving real-rate/backdrop.