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Gold Miner ETFs Spike as Terrible Job Numbers Roll In

  +Follow January 10, 2014 10:54AM
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Investors often look to gold and gold mining plays in times of bad economic news, and Jan 10 was no exception.

On Friday the US Labor Department issued its December jobs report that showed while unemployment was down jobs were less than half of what had been expected. This slowdown indicates the overall economy is not growing as fast as analysts had hoped. While unemployment is down, this is actually a bad sign: it means less people are even looking for jobs, and thus the domestic labor force is shrinking.

Previous job growth of 241,000 jobs in November certainly bolstered the argument that the economy was on the fast track to recovery, and the upcoming QE tapering was an acceptable decision. As investors question the wisdom in that decision, investors poured money into gold mining ETFs, possibly expecting a rush back to the yellow metal in uncertain times.

Gold mining stocks and gold mining ETFs have been some of the hardest hit investments on the market, with popular leveraged plays like Direxion Daily Gold Miner Bulls 3X ETF ($NUGT) shedding over 90 percent of its value over the last year. However, this has not stopped institutional interest in NUGT and its ilk, with assets in gold mining assets ratcheting up considerably over December.

Institutional interest and the bad economic data combined to spur a rush to gold miners, causing gold mining ETFs to become the day’s best performers.

NUGT was a big winner on Jan 10, gaining 10.52 percent to hit $30.79 a share.  The leveraged fund Direxion Dailyt Jr. Gold Miners Bull 3x ETF ($JNUG) gained 12.13 percent to hit $17.65. The popular Market Vectors Gold Miners ETF ($GDX) gained 3.57 percent to hit $22.03 a share.

Gold spiked concomitantly with minign companies. The yellow metal touched $1,246 an ounce by midday, an uptick of 1.55 percent.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for gdx
Edward Gofsky
18 Dec 14 15:01:42
"@leynate: $GDX Volume very important.Almost all breakouts/bottoms are re-tested on lower volume before move higher. http://t.co/6rEbPf58x6"
billy portis
18 Dec 14 14:53:27
RT @Bay_Lounge: A Look Into Lake Shore Gold's Growth Prospects Article: http://t.co/lto2sRMV0t $LSG $GLD $GDX $GDXJ $JNUG #investing #…
Sqwii
18 Dec 14 14:48:27
I believe $GDX could break MA50 tomorrow and possible move into 20s next #BULLISH $JNUG $NUGT
AlejandroMasari
18 Dec 14 14:36:58
Commented on StockTwits: i'm bearish on the $gdx http://t.co/lDaqTb5YeU
pastclnt
18 Dec 14 14:36:19
Let this trade go. It's taking up2 much of mental capital. Tons of trades vs $GDX $NUGT been killing U. Giving U free prof advice.@Sqwii
Raffaella DeFilippo
18 Dec 14 14:14:45
RT @MARKETDAILYNEWS: Evidence Shows Precious Metals Could Be Forming A Bottom - http://t.co/ojA7dKHv9T $GDX $GDXJ $USDX $HUI $SPX $GLDX $SI…
Prices Gold
18 Dec 14 14:10:36
#Gold Miners ETF GDX - last: $18.76 @ 4:00pm EST 12/18/2014 http://t.co/ZrTwWOTH2F $GDX
GoldMarketNews
18 Dec 14 14:10:33
#Gold Miners ETF GDX - last: $18.76 @ 4:00pm EST 12/18/2014 http://t.co/0c5ncaXpsP $GDX
Peter joseph Mallia
18 Dec 14 14:04:18
RT @TNR_Gold: Los Azules: ”One of the World’s largest undeveloped #Copper deposits“ - according to McEwen #Mining https://t.co/WdbbatGRWw $…
Sufiy
18 Dec 14 13:59:57
RT @TNR_Gold: Frank Holmes: U.S. Consumers To Be Big Gold Buyers, Mining Stocks May Turnaround. https://t.co/250ygX5UHd $GDX $GLD $GDXJ
Sufiy
18 Dec 14 13:59:55
RT @TNR_Gold: Peter Schiff: Gold Still On Launch Pad As We Start 2015. https://t.co/FJzaPmTGxw $GDX $GLD $GDXJ
Market Daily News
18 Dec 14 13:57:38
Evidence Shows Precious Metals Could Be Forming A Bottom - http://t.co/ojA7dKHv9T $GDX $GDXJ $USDX $HUI $SPX $GLDX $SIL $EURUSD
B
18 Dec 14 13:50:50
RT @Sqwii: Looking for a very large rally higher in $GDX $JNUG also tomorrow imho
Market Daily News
18 Dec 14 13:45:17
Deflation AND Inflation - http://t.co/RlfK81GCjw $GDX $GLD $USDX
Markos Kaminis
18 Dec 14 13:00:40
Commented on: "Gold Capitulation Moment Appears Imminent - See Bottoming Within Da... http://t.co/6W2sKwG0le $DUST $GDX $GG $GLD
The Stock Whisperer
18 Dec 14 12:51:02
Today's #Whisper $GDX making a nice move $$ http://t.co/HlU2tCtfT4
Sqwii
18 Dec 14 12:49:37
Looking for a very large rally higher in $GDX $JNUG also tomorrow imho
Sqwii
18 Dec 14 12:49:26
As I stated past days $GDX $JNUG as long $GDX remains above 17.5 support another massive breakout higher coming, So far so good
The Stock Whisperer
18 Dec 14 12:49:08
Commented on StockTwits: I'm in, she looks good :) $GDX http://t.co/WnIu6RzC3Q
Kirk Kornegay
18 Dec 14 12:47:09
The miners are ALIVEEEE lol $JNUG $GDXJ $GDX $NUGT
Andrew Hinkle
18 Dec 14 12:47:05
$TSLA Dec 195 puts are worthless but $GLD $GDX and $NUGT on a roll...
Kevin Kennedy
18 Dec 14 12:39:57
Top Wed ETFs: Gold, silver, South Africa, Norway, India, Mexico, Indonesia, biotech. $GDXJ $EZA $SIL $NORW $SCIF $SGDM $EWW $GDX $EIDO $IBB
Kristin
18 Dec 14 12:33:36
Commented on StockTwits: $NUGT 12.5 next stop,even sweeter $15, $GC_F 1240,$GOLD $GDX,Im a goldbug! $DUST http://t.co/UmHxKo43qR
Sqwii
18 Dec 14 12:33:01
$GDX $JNUG very strong going into close here
Bob Loukas
18 Dec 14 12:26:26
RT @chart_freak: Watched some $SILVER stocks POP yesterday W/the $USD up over $1! Break out soon? $SIL $GDX $GDXJ #STOCKS #DAYTRADE http://…
Sqwii
18 Dec 14 12:20:18
$JNUG hod with $GDX strong large gold miners and small miners
pastclnt
18 Dec 14 12:17:47
Look at the $DX_F $UUP $USD today, it's up. Where's the $GDX & $OIH? Up also. $XOP down 0.16% taking a breather. Negligible @Sqwii @nanom18
Kirill Klip
18 Dec 14 12:15:37
RT @TNR_Gold: Frank Holmes: U.S. Consumers To Be Big Gold Buyers, Mining Stocks May Turnaround. https://t.co/250ygX5UHd $GDX $GLD $GDXJ
Kirill Klip
18 Dec 14 12:15:34
RT @TNR_Gold: Peter Schiff: Gold Still On Launch Pad As We Start 2015. https://t.co/FJzaPmTGxw $GDX $GLD $GDXJ
Kirill Klip
18 Dec 14 12:15:27
RT @TNR_Gold: Los Azules: ”One of the World’s largest undeveloped #Copper deposits“ - according to McEwen #Mining https://t.co/WdbbatGRWw $…
Kirill Klip
18 Dec 14 12:15:24
RT @TNR_Gold: TNR Gold holds 0.4% NSR Royalty on the entire Los Azules Copper project McEwen Mining http://t.co/MNEZ8MDYYx $MUX $TRRXF $CU …
Sqwii
18 Dec 14 12:08:07
$GDX $JNUG gold miners pushing very strongly higher , breakout coming soon on $GDX above 19s
John Constantine
18 Dec 14 12:06:58
$JNUG $GDX $GDXJ She's Good as Gold... Tax selling over - now dirt cheap VALUE Plays abound
john pagnotta
18 Dec 14 12:02:37
RT @chart_freak: $GOLD & $SILVER selling off a bit& all that did was allow $GDX & $GDXJ to fill gaps. HMMM. http://t.co/9Nhq6nh8fT http://t…
john pagnotta
18 Dec 14 12:02:03
RT @chart_freak: Watched some $SILVER stocks POP yesterday W/the $USD up over $1! Break out soon? $SIL $GDX $GDXJ #STOCKS #DAYTRADE http://…
Sqwii
18 Dec 14 11:57:28
$GDX and $JNUG at highs strong
Stockaholics
18 Dec 14 11:56:02
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $MDMT $COHO $GDX
John Constantine
18 Dec 14 11:55:23
$JNUG $GDX GDXJ I see we are bullish on US mining stocks POST Tax Selling. Happy 2015!
Robin Murray MD CFII
18 Dec 14 11:54:47
RT @chessNwine: NEW POST: Two Charts Two Watch as the Markets Levitate http://t.co/b8JysEXWk2 $AAPL $GDX $GPRO $JNUG $SPY
Stuart A. Brown
18 Dec 14 11:32:26
RT @chessNwine: NEW POST: Two Charts Two Watch as the Markets Levitate http://t.co/b8JysEXWk2 $AAPL $GDX $GPRO $JNUG $SPY
Chess
18 Dec 14 11:30:41
NEW POST: Two Charts Two Watch as the Markets Levitate http://t.co/b8JysEXWk2 $AAPL $GDX $GPRO $JNUG $SPY
Prices Gold
18 Dec 14 11:10:11
#Gold Miners ETF GDX - last: $18.529 @ 1:54pm EST 12/18/2014 http://t.co/TOmNHuDfJr $GDX
GoldMarketNews
18 Dec 14 11:10:06
#Gold Miners ETF GDX - last: $18.529 @ 1:54pm EST 12/18/2014 http://t.co/FDbTCWbVnO $GDX
Sqwii
18 Dec 14 11:01:01
$GDX $JNUG breaking out higher
Sufiy
18 Dec 14 11:00:17
RT @kirillklip: Los Azules: ”One of the World’s largest undeveloped #Copper deposits“ - according to McEwen #Mining https://t.co/iFgsiSrGWC…
Sufiy
18 Dec 14 11:00:14
RT @kirillklip: TNR Gold holds 0.4% NSR Royalty on the entire Los Azules Copper project McEwen Mining http://t.co/9FojcNT3zt $MUX $TRRXF $C…
Sufiy
18 Dec 14 10:59:35
RT @TNR_Gold: TNR Gold holds 0.4% NSR Royalty on the entire Los Azules Copper project McEwen Mining http://t.co/MNEZ8MDYYx $MUX $TRRXF $CU …
Sufiy
18 Dec 14 10:58:48
RT @TNR_Gold: Los Azules: ”One of the World’s largest undeveloped #Copper deposits“ - according to McEwen #Mining https://t.co/WdbbatGRWw $…
Investors Hangout
18 Dec 14 10:25:07
DennyT: PEIX Barchart $PEIX $ARWR $AAL $AAPL $GDX http://t.co/z2vNKqA52N
Investors Hangout
18 Dec 14 10:25:06
DennyT: PEIX Barchart $PEIX $ARWR $AAL $AAPL $GDX http://t.co/AY5t24WMnm
				
				
  +Follow January 10, 2014 10:54AM
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