logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Gold Miner ETFs Spike as Terrible Job Numbers Roll In

  +Follow January 10, 2014 10:54AM
Share:
Tickers Mentioned:

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.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for gdx
LouisLouie
1 Oct 14 22:55:14
RT @chart_freak: New reports today at http://t.co/YzYcTnrVoc dealing with $IWM $SPY $USD $XEU $GOLD $GDX http://t.co/D9KRFWgVGY
Chart Freak
1 Oct 14 22:46:50
New reports today at http://t.co/YzYcTnrVoc dealing with $IWM $SPY $USD $XEU $GOLD $GDX http://t.co/D9KRFWgVGY
LouisLouie
1 Oct 14 21:28:07
“@AlejandroDinero: $JNUG gap down tomorrow” $jdst $gld $gdxj $gdx $gg $sa $sand
Stockaholics
1 Oct 14 21:11:39
Subscribe to our Penny Stock Newsletter, for FREE! Major new picks coming: http://t.co/buedBpPSUK $PZG $APOG $GDX
ブラッド
1 Oct 14 20:55:00
@marketmodel @TraderHMS Gold can't cure #ebola so no bids today..! $gld $gdx $gdxj
Meghan Foley
1 Oct 14 20:04:29
RT @Mr_Eric_WSCS: Is China Hoarding Gold to Challenge the U.S. Dollar? http://t.co/Hyr1S5U9pv $GLD $GDX
gold stock trades
1 Oct 14 19:07:48
Hecla increasing interest in Canamex despite gold and silver hitting new lows. $HL $CSQ.V $GORO $CNMXF $GDX http://t.co/y3SzaU5yuE
RB Tech Social
1 Oct 14 18:16:40
Watch the gold miners tomorrow $ABX Call buyers, 62 ans 261X open interest #options #trading $AEM $GDX http://t.co/9jZeZhhbyM
RB Trader
1 Oct 14 18:14:08
Heavy Call buyers in $ABX 20,000 JAN 2017 $25 #Calls BOT 15,195 OCT $16 Calls BOT $GDX $GLD $GG $AEM http://t.co/WTjLv2sE9Z
Eric McWhinnie
1 Oct 14 17:57:57
Is China Hoarding Gold to Challenge the U.S. Dollar? http://t.co/Hyr1S5U9pv $GLD $GDX
The American
1 Oct 14 17:13:14
Why $CHINA Thinks $GOLD Is The Buy Of The Century http://t.co/URsKl6sFUU $PHYS $GLD $CNY $CYB $UUP $FXI $FXP $IEI $SLV $GDX $DUST $NUGT $SIL
GLDTrader
1 Oct 14 16:44:32
RT @ChartingStock $GLD Support $116.59 $115.85 $114.46..Resistance $117.26 $117.99 $119.24 $119.7 $120.54 $120.94..Manage Risk.. $GOLD $GDX
GLDTrader
1 Oct 14 16:44:12
RT @ChartingStock: $GLD Support $116.59 $115.85 $114.46..Resistance $117.26 $117.99 $119.24 $119.7 $120.54 $120.94..Manage Risk..More @GLDT…
ChartingStock
1 Oct 14 16:40:07
$GLD Support $116.59 $115.85 $114.46..Resistance $117.26 $117.99 $119.24 $119.7 $120.54 $120.94..Manage Risk..More @GLDTrader $GOLD $GDX
Scott Smith
1 Oct 14 15:40:52
Setups I liked today that we'll again be watching tomorrow $MBLY $UEPS $NUGT $GDX $KITE $CYBR More setups http://t.co/BuzbImUY0h
Helmsman
1 Oct 14 15:35:41
Metals and Mining... If this is a bounce, they suck at it. $GLD, $GDX, $GDXJ
Stockaholics
1 Oct 14 14:58:15
Subscribe to our Penny Stock Newsletter, for FREE! Major new picks coming: http://t.co/buedBpPSUK $MDMT $COHO $GDX
FMD Capital
1 Oct 14 14:16:38
Another good one to keep in mind: 5 Mistakes To Avoid With Your ETF Portfolio http://t.co/OTEsgXitll $GDX $SLV $SPY $DBC $GSP $VTI $USMV
GoldMarketNews
1 Oct 14 14:14:09
#Gold Miners ETF GDX - last: $21.40 @ 4:00pm EST 10/1/2014 http://t.co/8ueoKgCSrO $GDX
Prices Gold
1 Oct 14 14:14:04
#Gold Miners ETF GDX - last: $21.40 @ 4:00pm EST 10/1/2014 http://t.co/iFyNt0W21k $GDX
Harvest Exchange
1 Oct 14 13:02:20
Alt Links: A Changing Market Environment https://t.co/JzGr46M7aA @AttainCapital $CORN $GOLD $GLD $GDX $WEAT $SOYB $NIB $CHOC $SLV
Fake CNBC
1 Oct 14 12:34:41
$NUGT $GDX breaking lows. OMG
Keith McCullough
1 Oct 14 12:32:03
5. $GDX Gold Miners trying to show the Preppers a bone here today - dont chase it ; much prefer $GLD long
Stevie C
1 Oct 14 12:26:34
@Stalingrad_Poor @qorka bullish $GDX?
Stockaholics
1 Oct 14 12:10:35
New, SECRET penny stock alert coming today! Check it out: http://t.co/A2y8IBJKSf $PZG $APOG $GDX
Barry Scott
1 Oct 14 12:00:05
No gold complex swing longs for me without physical demand http://t.co/g4rq5i03U2 ECB 10/2 ok if I miss part of move $GLD $SLV $GDX $NUGT
Steve Mahoney
1 Oct 14 11:56:03
RT @KeithMcCullough: Tickers (so far) $FEYE $AAPL $TWTR $GDX $GPRO - keepem coming
Bob Schnell
1 Oct 14 11:54:58
@KeithMcCullough $CHRW $GDX
Keith McCullough
1 Oct 14 11:49:27
Tickers (so far) $FEYE $AAPL $TWTR $GDX $GPRO - keepem coming
Leilani Pips
1 Oct 14 11:47:30
$GLD $NUGT $DUST $GDX $PALL All gold and silver tickers been telling you about barely green but surviving compared to the rest the market.
ccli
1 Oct 14 11:47:11
RT @chart_freak: I just posted a quick report on $GDX and includes $JRJC $LAKE $CMGE $UEPS etc see http://t.co/YzYcTnrVoc http://t.co/8pl2…
Robert Lesnicki
1 Oct 14 11:43:57
"@KimbleCharting: Portfolio Construction starts with what happens here, IMHO! $SPY $GLD $USDJPY $EURUSD $GDX $TLT http://t.co/qnuuqRmnVH"
Stockaholics
1 Oct 14 11:21:41
New, SECRET penny stock alert coming today! Check it out: http://t.co/A2y8IBJKSf $MDMT $COHO $GDX
LouisLouie
1 Oct 14 11:10:34
RT @chart_freak: I just posted a quick report on $GDX and includes $JRJC $LAKE $CMGE $UEPS etc see http://t.co/YzYcTnrVoc http://t.co/8pl2…
GoldMarketNews
1 Oct 14 11:10:05
#Gold Miners ETF GDX - last: $21.601 @ 1:54pm EST 10/1/2014 http://t.co/CxoQkyn2Jd $GDX
Prices Gold
1 Oct 14 11:10:03
#Gold Miners ETF GDX - last: $21.601 @ 1:54pm EST 10/1/2014 http://t.co/6OYXbUZPHG $GDX
Chart Freak
1 Oct 14 11:09:57
I just posted a quick report on $GDX and includes $JRJC $LAKE $CMGE $UEPS etc see http://t.co/YzYcTnrVoc http://t.co/8pl2Cx0h73
Fake CNBC
1 Oct 14 11:04:02
Comical that $GDX $SLV cannot hold their gains for one day. $NUGT
Tuan
1 Oct 14 10:59:16
$GDX $NUGT interesting level here..
Tuan
1 Oct 14 10:08:03
$GLD $GDX looks interesting..
kenr0966
1 Oct 14 10:01:24
RT @Taarriqq: $GDX strong today,saw some calls activity two days ago
OPTIONS/STOCK EXPERT
1 Oct 14 09:56:01
$GDX strong today,saw some calls activity two days ago
Louis Winthorpe III
1 Oct 14 09:55:32
$gdx, folks.... you heard it here first...
Stock_Tracker
1 Oct 14 09:48:20
$GDX Recent Headlines Why to buy the miners rather than the metals 3:52 a.m. Aug. 15, 2014 - The Trading Deck http://t.co/WYkBJqIimY
Stockaholics
1 Oct 14 09:25:40
New, SECRET penny stock alert coming today! Check it out: http://t.co/pizgVE756a $PZG $APOG $GDX
Alan Farley
1 Oct 14 09:05:37
$GDX up 31-cents. Must be the start of the new bull market. Has to be.
R
1 Oct 14 09:00:10
$GDX XABCD Pattern $NUGT http://t.co/8qZcrJ9a8X via http://t.co/ePLgxMWhgb
InternationalLithium
1 Oct 14 08:50:30
RT @kirillklip: Kirill Klip.: Jim Rickards: 16 Intelligence Agencies Have Issued Alarm Report On US Dollar Reserve Status. http://t.co/ngLm…
NX1
1 Oct 14 08:38:51
RT @SeekingAlpha: Risks And Remedies To Investing In Gold Stocks http://t.co/WvrYVRSaxS $DIA $GDX $SLV $GLD
Stockaholics
1 Oct 14 08:38:24
New, SECRET penny stock alert coming today! Check it out: http://t.co/pizgVE756a $MDMT $COHO $GDX
				
				
  +Follow January 10, 2014 10:54AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.