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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
Anthony Allyn
23 Oct 14 07:40:45
A lower low on the $GDX would rule out wave 2 but for now it's ruled in.
Michele Carretta
23 Oct 14 07:39:03
RT @SeekingAlpha: Switzerland To Buy 60% Of Global Gold Mine Output http://t.co/lDGWOQU8Eu $GLD $GDX
Sufiy
23 Oct 14 07:33:20
RT @kirillklip: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/rgggK2DxtE
Sufiy
23 Oct 14 07:33:11
RT @kirillklip: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/6a…
Woll Street
23 Oct 14 07:30:33
Given $GDX support holding trying long w/ $GDXJ at 30.28 with .30 stop.
Creditspread23
23 Oct 14 07:29:50
@kwickly sold 25% of $INO long as profit taking from a lot that was bought in mid 9 range. BOUGHT long $JNUG @ 8.01 $GDXJ $GOLD $GDX $JDST
Bill Tsamis
23 Oct 14 07:28:39
My thinking is $GDX $GDXJ should bottom no later than Monday...what price is the million dollar question
InternationalLithium
23 Oct 14 07:27:52
RT @TNR_Gold: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/8U4bsXhPhV
InternationalLithium
23 Oct 14 07:27:32
RT @TNR_Gold: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hy…
Klondike Strike
23 Oct 14 07:19:49
RT @kirillklip: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/rgggK2DxtE
Kirill Klip
23 Oct 14 07:15:29
TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/rgggK2DxtE
Kirill Klip
23 Oct 14 07:14:51
M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/6ahvUyKSw2
Tuan
23 Oct 14 07:13:34
$GDX 20 was prior support...
lookn4wins
23 Oct 14 07:12:09
$TKMR Parabolic SAR $TKMR Most recent stock chart and technical analysis. $GDX $VZ $EWZ $IWM $SHOR $EEM http:/ http://t.co/Qv2jSNg5HH
LouisLouie
23 Oct 14 07:05:13
RT @paulwoll: So far so good on $GDX $GDXJ bounce near recent lows...
Woll Street
23 Oct 14 07:03:11
So far so good on $GDX $GDXJ bounce near recent lows...
ريم محمد أسعد
23 Oct 14 07:02:05
RT @SeekingAlpha: Switzerland To Buy 60% Of Global Gold Mine Output http://t.co/lDGWOQU8Eu $GLD $GDX
FARES EL AROUI
23 Oct 14 06:57:43
RT @SeekingAlpha: Switzerland To Buy 60% Of Global Gold Mine Output http://t.co/lDGWOQU8Eu $GLD $GDX
Seeking Alpha
23 Oct 14 06:55:16
Switzerland To Buy 60% Of Global Gold Mine Output http://t.co/lDGWOQU8Eu $GLD $GDX
Stoyan Bojinov
23 Oct 14 06:50:27
$GDXJ $GDX testing Oct 8th lows...any thoughts on price action? $GLD
leahanne
23 Oct 14 06:43:31
$SDS Ultrashort S&P 500 Proshares (SDS) 25.58 +0.34 (+1.35%) $SSO $LMT $GDX http://t.co/SjqIe2gSqZ
Kirill Klip
23 Oct 14 06:27:02
RT @TNR_Gold: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hy…
randall millard
23 Oct 14 06:17:16
RT @paulwoll: $GDXJ needs to hold 30.39 and $GDX needs to hold 20.11 - Possible bounce there but if not... could get acceleration down.
tradylady
23 Oct 14 06:16:29
$$ Gold miners' outstanding forward sales jump 61 pct in Q2 -report http://t.co/4dhZ27vGoX $GDX $GDXJ
Woll Street
23 Oct 14 06:10:02
$GDXJ needs to hold 30.39 and $GDX needs to hold 20.11 - Possible bounce there but if not... could get acceleration down.
Hedgehog Trader
23 Oct 14 05:51:27
We should really rename the Gold sector "Whack a Mole" $GLD $GDX
Strathbridge
23 Oct 14 05:31:40
#GOLD bouncing off 50 day MA resistance. Major support level $1190-$1200 $GLD #GLD $XGD $GDX $GDXJ http://t.co/nCwXqBa9cA
Bradley Urias
23 Oct 14 05:26:26
#Gold falls on eve of #Diwali, demand plummets - The #Times of #India http://t.co/18Z3tBfULy $1050 $GLD $GC $IAU $GDX $NUGT $ABX $GG $DUST
Sufiy
23 Oct 14 05:17:43
RT @TNR_Gold: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hy…
Sufiy
23 Oct 14 05:08:45
RT @TNR_Gold: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/8U4bsXhPhV
Andrew Hecht
23 Oct 14 05:01:39
Posted yesterday on Seeking Alpha: Gold Is Asleep – When Will It Awaken? http://t.co/EPPBMXmPVR $GC_F $SI_F $GLD $GDX $IAU $SLV $STUDY $SPX
Jim Smythe
23 Oct 14 04:39:47
$CAT beats EPS by 36 cents a share. Sees mining bottom in sight $AA $RGLD $GDXJ $GDX $SLV $GLD $JNUG $NUGT
Jack Damn
23 Oct 14 04:29:54
Good morning. Starting the day holding long $GLD (stop 118.28 vs. target 127.74). On today's watch: $LMT $BIIB $GDX.
Klondike Strike
23 Oct 14 04:02:20
RT @TNR_Gold: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/8U4bsXhPhV
Kirill Klip
23 Oct 14 03:36:53
RT @TNR_Gold: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/8U4bsXhPhV
Stock Relay
23 Oct 14 03:31:50
$GDX 52Wk High Click Here: http://t.co/JBFMSmtoDb Also See: $GDXJ $NFLX $TWM $EUO ~
Stock Relay
23 Oct 14 03:29:02
$GDX Bid Click Here: http://t.co/h4mFrE8HcY Also See: $SLW.TO $GRCU $TRN $IBM ~
PDAC
23 Oct 14 03:25:18
RT @TNR_Gold: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/8U4bsXhPhV
Stock Relay
23 Oct 14 03:18:35
$GDX 52Wk High Click Here: http://t.co/vimBwKxjPb Also See: $AXY.TO $COST $VXX $PLUG ~
TNR Gold Corp
23 Oct 14 03:16:08
TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/8U4bsXhPhV
TNR Gold Corp
23 Oct 14 03:14:32
M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hyhs54pg
Stock Relay
23 Oct 14 02:53:43
$GDX Filings Click Here: http://t.co/0MvoR8QfTB Also See: $UTRM $SBOTF $HNU.TO $FXI ~
Stockaholics
23 Oct 14 00:53:25
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $PZG $APOG $GDX
Langan Stocks
23 Oct 14 00:20:55
$AEP Financials Click Here: http://t.co/ySsTnbUex9 Also See: $ALL $DUST $HAS $GDX ~
Stock Relay
23 Oct 14 00:01:21
$EOG Day High Click Here: http://t.co/CxfOPJiIvi Also See: $USLV $GDX $SLW $CORN ~
Ken
22 Oct 14 18:30:12
$UUP Looks like a big move coming for the #Dollar $GDX $GLD $GDXJ #gold http://t.co/P2uqRDGiZC
Stephen s
22 Oct 14 18:26:39
RT @IHNewsDesk: $HPNN P/E Ratio Click Here: Also See: $SQQQ $ECOP $IYT $GDX ~
Paul Stiles
22 Oct 14 18:09:50
$gdx hasn't bounced in months and is going to break down
Langan Stocks
22 Oct 14 18:08:04
$IDGC Quotes Click Here: http://t.co/WkZsClfdzF Also See: $SSO $SIMH $SSYS $GDX ~
IH News Desk
22 Oct 14 17:58:17
$IBIO Day Low Click Here: http://t.co/QbLaH1FtID Also See: $YELP $SBUX $GDX $ERX ~
				
				
  +Follow January 10, 2014 10:54AM
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