Source: Shutterstock The VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) is up 74% over the past year and has more than doubled since its lows in March. People may be buying more grocery staples, cleaning supplies, and home recreational equipment, but that hardly offsets the vast drop of demand and the prices of other products. And, as we’ve seen in both Japan since the 1990s and Europe since 2008, providing more cash does little to spark inflation, GDP growth, or economic activity if consumer demand is weak.