Here is an intuitive reason for why this is true.
Note that $\ln|x|, x < 0$ is a reflection of $\ln|x|, x > 0$ through the $y$-axis. Now recall that the instantaneous rate of change $\frac{dy}{dx}$ is loosely speaking, $\frac{\text{change in }y}{\text{change in }x}$ for a very small interval.
The change in $y$ is unaffected, but when $x < 0$, the change in $x$ is negative compared to $x > 0$ because of the reflection. Therefore, when $x < 0$, we first reflect $x \to -x$ to map $x > 0$ to the domain $x < 0$, and then adjust the slope $\frac{d}{dx}$ to get $\ln |x| = -\frac{1}{-x} = \frac{1}{x}$.
Original answer:
$\ln x$ is only defined when $x > 0$ (at least in the real numbers). When $x > 0$, $|x| = x$, and hence $\frac{1}{|x|} = \frac{1}{x}$.