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- The GDX/GLD Ratio Goes Green To Signal Precious Metals Stabilization Process Is Starting
The GDX/GLD Ratio Goes Green To Signal Precious Metals Stabilization Process Is Starting
Michael Swanson
February 03, 2026
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Yesterday gold and silver prices both fell about 4%, while the GDX gold stock ETF closed the day down exactly one penny, because many major mining stocks actually ended the day in the green. This price action combined to push the GDX/GLD ratio up 4.16% for the day.
That’s a positive sign for people looking for signs that the metals correction is now entering a stabilization/bottoming process.
As I mentioned this weekend, this ratio tends to peak out and go down a bit ahead of a metals correction and then go green and stabilize as the correction nears an end in terms of price.
You can see how it acted back in October, during the last metals correction in this chart, which has GDX, GLD, and SLV on the bottom of it.