Gold stocks are in historically oversold territory: ~95% of stocks in the gold miners ETF, GDX, are now trading in a bear market, the highest since at least April 2023. This has surged +850% over the last 4 weeks as gold miners have dropped -25% over this period, entering a bear market for the first time since 2023. By comparison, ~90% of stocks in the ETF were in a bear market in October 2023. From that point until March 1st, 2026, GDX rallied +346%, experiencing one of its biggest bull markets in history. Gold miners have rarely been this oversold.(The Kobeissi Letter)