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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
ElliottWaveAnalytics
23 Nov 14 02:14:24
GLD and Gold’s Selloff http://t.co/2mOUP1hzml $GLD $GDX $GOLD
Kiyomi Kingham
22 Nov 14 23:31:08
29aNqMjLhO $GLD $IAU $GDX $PPLT
Investors Hangout
22 Nov 14 22:40:34
lookn4wins: GDX 0.04 Stock Charts $GDX Goldex Resources Corp. http://t.co/tzEJj7sY2Q
Investors Hangout
22 Nov 14 22:40:33
lookn4wins: GDX 0.04 Stock Charts $GDX Goldex Resources Corp. http://t.co/NrQ0PGl0pk
lookn4wins
22 Nov 14 22:31:44
GDX 0.04 Stock Charts $GDX Goldex Resources Corp. (CVE) Any opinions on GDX? Please reply to this post. Last U http://t.co/SA41bTFWAU
Concerned Citizen
22 Nov 14 22:26:15
RT @TNR_Gold: Gold closed above $1,200 - Eric Sprott: Global #Gold Demand Is Overwhelming Supply. http://t.co/D8xEc1XMgl $GDX $GDXJ
@Boulder2DIA
22 Nov 14 20:25:40
RT @kirillklip: Gold closed above $1,200 - Eric Sprott: Global #Gold Demand Is Overwhelming Supply. http://t.co/6pCACSD4a6 $GDX $GDXJ
Eamon Foley
22 Nov 14 19:22:45
Barron's with an editorial on upward prospects of gold & gold miners. Hope they're right! $GDX $GLD $GDXK $RSX #Putin #ISIS
Wavepatterntraders
22 Nov 14 18:07:34
$GDX $GLD having "crashed" i think Gold stock and Gold offer a great reward trade, think of it as 2011 in reverse, the reward is high
Wavepatterntraders
22 Nov 14 18:06:42
$GDX $GLD Those perma Gold bulls sure have changed their attitude, no one wanted to listen, so i guess no one wants to listen now
Wavepatterntraders
22 Nov 14 18:04:45
$GDX $GLD Back in 2011 no one believed Gold would fall http://t.co/IkD5rhgKnd the abuse i got from this article was disgusting
nobullshytrader
22 Nov 14 17:50:11
RT @ContrarianTrade: {video} Anatomy of a Bear Market $IWM $DIA $TZA $GDX $ $TVIX $FAZ $DXD $FXP $EEV http://t.co/WtTi0VgisZ
RB Options Scans
22 Nov 14 17:33:35
Ooh @MarketTraders good question! Had a great trade in $IAG & $GDX last week based on #UOA. Flow has been Long $KORS, short $BEAV, I agree.
Option Millionaires
22 Nov 14 17:26:11
$GLD #GOLD demand keeps going down - one of many factors at play here ~ (c/o http://t.co/WcATS1QUh7 ) $DUST $GDX $ABX http://t.co/s4bifrSFo7
Wavepatterntraders
22 Nov 14 17:19:28
$GDX Was you ready for the rally? Or did you have your bear goggles on? http://t.co/PXzPHx3cjM Key time for Gold stocks #elliottwave $GLD
Sufiy
22 Nov 14 16:58:52
RT @kirillklip: Charles Nenner: #Gold Cycle To Bottom, Sees $2,100 Upside Target. http://t.co/f6B3rZk9Wl $MUX $TRRXF $GDX $GDXJ $GLD $HUI…
LilyFlor
22 Nov 14 16:53:02
RT @chart_freak: $GOLD -resistance @ the 50SMA (Currently $1208) Break/ Close above that would be SWEET ( $GDX $GDXJ $JNUG $NUGT) http://…
Sufiy
22 Nov 14 16:51:56
RT @chart_freak: $GOLD -resistance @ the 50SMA (Currently $1208) Break/ Close above that would be SWEET ( $GDX $GDXJ $JNUG $NUGT) http://…
Robert Desmond
22 Nov 14 15:27:00
{video} Anatomy of a Bear Market $IWM $DIA $TZA $GDX $ $TVIX $FAZ $DXD $FXP $EEV http://t.co/WtTi0VgisZ
Richard Hargrave
22 Nov 14 15:10:29
WEEKLY WRAP UP, $NYAD, $IWM, $GS, $GME, $GDX, $QQQ, $EWZ, $ETC $ETC. http://t.co/UH2rAMp4XD
Bert
22 Nov 14 14:36:00
RT @TNR_Gold: Gold closed above $1,200 - Eric Sprott: Global #Gold Demand Is Overwhelming Supply. http://t.co/D8xEc1XMgl $GDX $GDXJ
Junior Mining News
22 Nov 14 14:28:32
RT @TNR_Gold: Gold closed above $1,200 - Eric Sprott: Global #Gold Demand Is Overwhelming Supply. http://t.co/D8xEc1XMgl $GDX $GDXJ
Kirill Klip
22 Nov 14 14:26:00
RT @TNR_Gold: Gold closed above $1,200 - Eric Sprott: Global #Gold Demand Is Overwhelming Supply. http://t.co/D8xEc1XMgl $GDX $GDXJ
Kirill Klip
22 Nov 14 14:23:06
RT @TNR_Gold: China Cuts Rates - Rick Rules: Capitulation In #Gold And Resource Markets. http://t.co/0feusruuOq $GDX $GDXJ
Robert Desmond
22 Nov 14 14:18:40
{video} Anatomy of a Bear Market $IWM $DIA $TZA $GDX $SPY $TVIX $FAZ $DXD $FXP $EEV http://t.co/87Jjt5SkB9 Bearish
Kirill Klip
22 Nov 14 14:17:30
RT @TNR_Gold: BHP: ”#Copper Demand Is Going To Continue To grow For A Really Long Time.“ http://t.co/iJHizOT7nj $MUX $TRRXF $CU $GDX $GDXJ…
Kirill Klip
22 Nov 14 14:14:22
RT @TNR_Gold: Vast #copper mine marks shift in BHP strategy http://t.co/iJHizOT7nj $GDX $GDXJ $CU $BHP $MUX $TRRXF
Kirill Klip
22 Nov 14 14:11:57
RT @TNR_Gold: Main drivers for #Copper Demand and Supply picture from BHP. http://t.co/iJHizOT7nj $BHP $MUX $TRRXF $CU $GDX $GDXJ
Raffaella DeFilippo
22 Nov 14 13:28:59
RT @lalaruza74: Barron's on the #gold wagon. http://t.co/O4grD0IpdE $jdst $jnug $nugt $gdxj $gdx
Stockaholics
22 Nov 14 13:25:56
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $MDMT $COHO $GDX
lendar79
22 Nov 14 12:56:56
RT @LinYingjun: $HCLP symmetrical continuation triangle & long set up, $SLW , $SLV $MVG $ZINC $GLD $GDX $GDXJ http://t.co/srEMgEjJLQ
MarkVodka
22 Nov 14 11:49:19
RT @chart_freak: $GOLD -resistance @ the 50SMA (Currently $1208) Break/ Close above that would be SWEET ( $GDX $GDXJ $JNUG $NUGT) http://…
Lin/林莹君
22 Nov 14 11:29:02
$HCLP symmetrical continuation triangle & long set up, $SLW , $SLV $MVG $ZINC $GLD $GDX $GDXJ http://t.co/srEMgEjJLQ
Wayne Nguyen
22 Nov 14 11:09:24
$GC_F looks like bearish wedge. Breaks down of lower TL confirms pattern. $gdx $gdxj $jnug $JDST http://t.co/gQHl9ujTHu
teevee
22 Nov 14 11:08:19
"@KimbleCharting: Bullish wick at support could be forming. Will See $SLV $GDX $GDXJ $GLD http://t.co/2ES2CgIwd0"
Raffaella DeFilippo
22 Nov 14 10:57:18
RT @KimbleCharting: This is often bullish for the Gold miners train, short-term breakout, following Doji Star reversal! $GDX $GDXJ $GLD htt…
Sufiy
22 Nov 14 10:21:09
RT @TNR_Gold: China Cuts Rates - Rick Rules: Capitulation In #Gold And Resource Markets. http://t.co/0feusruuOq $GDX $GDXJ
Sufiy
22 Nov 14 10:20:51
RT @TNR_Gold: Vast #copper mine marks shift in BHP strategy http://t.co/iJHizOT7nj $GDX $GDXJ $CU $BHP $MUX $TRRXF
Sufiy
22 Nov 14 10:19:37
RT @TNR_Gold: Main drivers for #Copper Demand and Supply picture from BHP. http://t.co/iJHizOT7nj $BHP $MUX $TRRXF $CU $GDX $GDXJ
Sufiy
22 Nov 14 10:19:16
RT @TNR_Gold: Gold closed above $1,200 - Eric Sprott: Global #Gold Demand Is Overwhelming Supply. http://t.co/D8xEc1XMgl $GDX $GDXJ
Terri G
22 Nov 14 10:13:14
RT @Qwovadis: $NUGT #Gold miners 3X MACD cross up bull flag intact next resistance $19.77 http://t.co/tDNBTGgsEQ $GDX $GDXJ $JNUG $GLD $UG…
Sufiy
22 Nov 14 10:13:12
RT @HedgehogTrader: Gold and silver are flying! $GDX
Sufiy
22 Nov 14 10:07:55
RT @KimbleCharting: This is often bullish for the Gold miners train, short-term breakout, following Doji Star reversal! $GDX $GDXJ $GLD htt…
Markos Kaminis
22 Nov 14 09:46:33
Commented on: "Gold Shorts Welcome Draghi To The Rescue" http://t.co/nyAlzyPhHH $GDX $GG $GLD $IEV
Mark Freeman
22 Nov 14 09:36:43
$GLD update: $NUGT was very discouraged with afternoon action in $GDX and $GDXJ considering the open. Especially with $GLD up.
TNR Gold Corp
22 Nov 14 09:30:19
Main drivers for #Copper Demand and Supply picture from BHP. http://t.co/iJHizOT7nj $BHP $MUX $TRRXF $CU $GDX $GDXJ
TNR Gold Corp
22 Nov 14 09:29:40
Vast #copper mine marks shift in BHP strategy http://t.co/iJHizOT7nj $GDX $GDXJ $CU $BHP $MUX $TRRXF
Klondike Strike
22 Nov 14 09:12:20
RT @TNR_Gold: Gold closed above $1,200 - Eric Sprott: Global #Gold Demand Is Overwhelming Supply. http://t.co/D8xEc1XMgl $GDX $GDXJ
Hedge House Kuwait
22 Nov 14 09:02:48
US #Metal Sector week #ETFs - $GDX +4.50% $XME +0.65% $SLX +0.88%
TNR Gold Corp
22 Nov 14 09:02:44
China Cuts Rates - Rick Rules: Capitulation In #Gold And Resource Markets. http://t.co/0feusruuOq $GDX $GDXJ
				
				
  +Follow January 10, 2014 10:54AM
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