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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
Patrick
1 Sep 14 13:00:04
#SENTISHIFTUP $NUGT $GDXJ $AMGN $JNUG $DUST $GLD $EXAS $GDX $JDST $UTHR #quantheta
Market News
1 Sep 14 12:21:14
$GDX: Paulson holds onto gold ETF, Soros adds gold miners in quarter http://t.co/f2qemfDKc6 http://t.co/I8rLnHeHan
OLIVERROLF4505
1 Sep 14 12:20:50
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
JoanPatrick6357
1 Sep 14 12:20:24
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
JOHSONTYRONSuKO
1 Sep 14 12:19:57
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
ORMANJERROD5tGB
1 Sep 14 12:19:42
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
CONEELBERT3058
1 Sep 14 12:19:24
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
LAMBRECHTSHAUN2
1 Sep 14 12:19:12
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
HULLLESLIE6132
1 Sep 14 12:19:11
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
MAURORICHgurL
1 Sep 14 12:18:51
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
SANTOSDELBERT
1 Sep 14 12:18:50
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
TUPPERBERNARD54
1 Sep 14 12:18:49
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
MANRIQUEZJOHN48
1 Sep 14 12:18:24
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
Hortensia Harper
1 Sep 14 12:18:01
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
COTTERELMERlSvo
1 Sep 14 12:17:59
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
ALVERSONDUDLEY8
1 Sep 14 12:17:47
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
CARRINGTONELROY
1 Sep 14 12:17:37
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
FLETCHERNORMAN5
1 Sep 14 12:17:30
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
MARTINDALE HONG
1 Sep 14 12:17:14
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
BOUDREAUCLEO
1 Sep 14 12:16:57
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
LUTZWESLEY4462
1 Sep 14 12:16:45
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
MELCHORHOYTVhnF
1 Sep 14 12:16:05
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
MCGOWENJEFFEREY
1 Sep 14 12:16:04
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
BRAGGWILL9960
1 Sep 14 12:15:57
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
WETHINGTONJACQU
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RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
TOLLISONJEROMEf
1 Sep 14 12:14:14
RT @androsForm: "@SHIGGA: $GLD $GDX $GDXJ $GC_F $XAUUSD $JNUG $NUGT $DUST $JDST - GOLD - The Bigger Picture - http://t.co/dbnuAuwQqH"
Patrick
1 Sep 14 12:00:04
#SENTISHIFTDOWN $HD $GDX $NFLX $TSCO $FORTY $DIS $BIDU $IBM $AXP $WFC #quantheta
Dave InDenver
1 Sep 14 11:38:31
RT @TraderStef: @ultimatejazzfan @TruthInGold @jimcramer my heads-up June 2013 & March 2014 $GDX #Gold http://t.co/Is7VN5hKHf & http://t.co…
Paul Franke
1 Sep 14 11:34:22
Ranked #1-10 $INTC $NFX $GG $GDX $AOL $NEM $SNE $NOV $BBY $NWL Gold stocks jumped considerably this past week in system. NotInvestmentAdvice
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danrocks: $GDX any other opinions on this? $TWTR $MYEC $IAG http://t.co/bAbr2G0h7R
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danrocks: $GDX any other opinions on this? $TWTR $MYEC $IAG http://t.co/sbZAnvRC9z
danrocks
1 Sep 14 11:16:09
$GDX any other opinions on this? $TWTR $MYEC $IAG $DVN $TZA http://t.co/DDJlOe3w2Z
Patrick
1 Sep 14 11:00:04
#SENTISHIFTDOWN $NFLX $HD $GDX $TSCO $FORTY $DIS $AXP $IBM $SPX $A #quantheta
danrocks
1 Sep 14 10:41:31
$UGAZ any other opinions on this? $MMTC $DBA $RSP $TITXF $GDX http://t.co/qT11zjpdkw
lookn4wins
1 Sep 14 10:22:21
$TWTR 200 Simple Moving Average $TWTR Most recent stock chart and technical analysis. $OIH $TCK $HL $ATHM $GDX http://t.co/hLmOnIaWnk
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1 Sep 14 10:21:13
$GDX: Your first trade for Thursday http://t.co/FgMhKXqoRk http://t.co/v6B62PYOAu
leahanne
1 Sep 14 10:01:56
$BJK Gaming ETF Market Vectors (BJK) 47.75 -0.36 (-0.75%) $GDX $INVN $FSLR http://t.co/Kc79XcaQZR
Patrick
1 Sep 14 10:00:05
#SENTISHIFTDOWN $NFLX $HD $GDX $FORTY $TSCO $DIS $AXP $IBM $FB $SPX #quantheta
Jake13
1 Sep 14 09:58:44
$HPJ Barchart Opinion Click here to find out if $HPJ is a buy hold or sell. Watching these stocks. $NBG $GDX $ http://t.co/2NeFqSFUbg
Stephen s
1 Sep 14 09:22:43
RT @IHPosts2: $HPNN Ideas http://t.co/C38eGE4cES Also See: $XOP $GDX $FXE $HKUP ~
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1 Sep 14 09:02:21
$KORS 52Wk Low http://t.co/ZH9JSfnwpW Also See: $PEIX $URBN $GDX $DBA ~
Bail O'Nomics
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China is now #2 Silver Producer, #1 Gold Producer/& #1 Solar Manufacturer $GDX $GC_F $SI_F $ZSL $GPL $GOLD $GG $SLW http://t.co/cKIxfAKg0C
GoldenHounds
1 Sep 14 08:49:53
RT @IHPosts2: DennyT: SWKS Short Sales $SWKS $VPOR $GDX $EMES $SMH http://t.co/pYZmUNNWoP
Dawn Rinaldi
1 Sep 14 08:44:36
Short $GDX via $DUST-MUST hold last week low (a test is ok)& break Fri Hi-GDX testing 50Fib-will manage this PRE market
GoldenHounds
1 Sep 14 08:39:30
RT @IHPosts: DennyT: SWKS Short Sales $SWKS $VPOR $GDX $EMES $SMH http://t.co/NE3IyndzIF
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1 Sep 14 08:21:13
$GDX: Gold & Gold Stocks Consolidate Before Fateful September [Market Vectors ... http://t.co/Z3IVdqvaME http://t.co/MPc2outoAV
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1 Sep 14 07:47:00
DennyT: SWKS Short Sales $SWKS $VPOR $GDX $EMES $SMH http://t.co/pYZmUNNWoP
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1 Sep 14 07:47:00
DennyT: SWKS Short Sales $SWKS $VPOR $GDX $EMES $SMH http://t.co/NE3IyndzIF
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1 Sep 14 07:45:30
danrocks: $YY Showing on my streamers $TIP $FSLR $GDX $XLP http://t.co/E0VdEkzV1Y
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1 Sep 14 07:45:20
danrocks: $YY Showing on my streamers $TIP $FSLR $GDX $XLP http://t.co/at1e2QmJZr
				
				
  +Follow January 10, 2014 10:54AM
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