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.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for gdx
Sufiy
25 Oct 14 14:35:44
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
25 Oct 14 14:35:38
RT @kirillklip: Los Azules #Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth. $MUX $TNR.v $FCX $GDX $GDXJ https://t.co/ow6…
Sufiy
25 Oct 14 14:35:35
RT @kirillklip: Los Azules Copper M&A: #China’s Strategic Stockpiling Sways Global Copper Market. http://t.co/jWGTVf6OwM $GDX $MUX $TNR.v …
Stockaholics
25 Oct 14 13:51:31
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $MDMT $COHO $GDX
Klondike Strike
25 Oct 14 13:11:58
RT @kirillklip: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/rgggK2DxtE
PDAC
25 Oct 14 12:58:28
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
25 Oct 14 12:53:46
TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX $FCX $GDX $CU http://t.co/rgggK2DxtE
Kirill Klip
25 Oct 14 12:51:48
Los Azules #Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth. $MUX $TNR.v $FCX $GDX $GDXJ https://t.co/ow64GacojG …
Kirill Klip
25 Oct 14 12:49:51
Los Azules Copper M&A: #China’s Strategic Stockpiling Sways Global Copper Market. http://t.co/jWGTVf6OwM $GDX $MUX $TNR.v $GDXJ
Sufiy
25 Oct 14 12:13:41
RT @kirillklip: #China's MMG will invest USD 3 billion in the recently acquired Las Bambas #Copper. http://t.co/jWGTVf6OwM $TNR.v $MUX $GDX…
Sufiy
25 Oct 14 12:13:39
RT @kirillklip: China's SRB has aggressively bought #copper this year. http://t.co/jWGTVf6OwM $TNR.v $MUX $ABX $FCX $GDX $GDXJ
Stockaholics
25 Oct 14 11:59:33
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $PZG $APOG $GDX
Sufiy
25 Oct 14 11:52:35
RT @kirillklip: Los Azules #Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth. http://t.co/uFsn7IEmYM $MUX $TNR.v $GDX $GD…
Sufiy
25 Oct 14 11:52:28
RT @kirillklip: Los Azules Copper M&A: #China's Strategic Stockpiling Sways Global Copper Market. http://t.co/jWGTVf6OwM $GDX $MUX $TNR.v …
Sufiy
25 Oct 14 11:52:26
RT @kirillklip: Los Azules #Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth. $MUX $TNR.v $FCX $GDX $GDXJ https://t.co/ow6…
Sufiy
25 Oct 14 11:52:23
RT @TNR_Gold: Los Azules #Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth. $MUX $TNR.v $FCX $GDX $GDXJ https://t.co/c9NMp…
Sufiy
25 Oct 14 11:52:15
RT @TNR_Gold: Los Azules Copper M&A: #China’s Strategic Stockpiling Sways Global Copper Market. http://t.co/ou5nAf9FTe $GDX $MUX $TNR.v $G…
Stockaholics
25 Oct 14 10:54:33
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $MDMT $COHO $GDX
Barry Scott
25 Oct 14 10:52:11
"Tarnished Metal"? Crowd psychology vacillates fear/greed $GLD lowest holdings 6 yrs $GDX $SGDM $GOLD $ABX no posn http://t.co/m8oRacgnvK
Mark Epstein-Norris
25 Oct 14 10:46:18
The last time $gdx was at this level(dec 2013), it rose 38% over the next two months. $gdxj rose 59% during the same rally. R/R favorable!
Edward Gofsky
25 Oct 14 10:16:12
The World According to Chartology: Update - $GDX $GLD $SLV $JDST $DUST $QQQ $NUGT # charts #stocks http://t.co/7zit0lrqaW
Kirill Klip
25 Oct 14 09:09:01
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
25 Oct 14 08:17:41
RT @TNR_Gold: Los Azules #Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth. $MUX $TNR.v $FCX $GDX $GDXJ https://t.co/c9NMp…
Kirill Klip
25 Oct 14 08:17:32
RT @TNR_Gold: Los Azules Copper M&A: #China’s Strategic Stockpiling Sways Global Copper Market. http://t.co/ou5nAf9FTe $GDX $MUX $TNR.v $G…
TNR Gold Corp
25 Oct 14 05:51:08
Los Azules Copper M&A: #China’s Strategic Stockpiling Sways Global Copper Market. http://t.co/ou5nAf9FTe $GDX $MUX $TNR.v $GDXJ
wininstocks2014
25 Oct 14 05:51:05
GDX 0.05 Stock Charts $GDX Goldex Resources Corp. (CVE) Last Updated: 10/25/2014 07:51:05 GDX Stock Chart - 1 http://t.co/DA8A8ccI83
TNR Gold Corp
25 Oct 14 05:50:38
Los Azules #Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth. $MUX $TNR.v $FCX $GDX $GDXJ https://t.co/c9NMpw3sZM
Robin Murray MD CFII
25 Oct 14 03:59:08
#GOLD $GLD $UGL takes a rest @ #sma200 like it did 2/14 B4 a big pop #BUY #DIPS $JNUG $NUGT $AGQ $GDX $NEM $PHYS http://t.co/5sXOubnbjf
Stockaholics
25 Oct 14 00:24:06
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/Wsu24zYrur $MDMT $COHO $GDX
wininstocks2014
24 Oct 14 22:38:35
GDX 0.05 Stock Charts $GDX Goldex Resources Corp. (CVE) Last Updated: 10/25/2014 00:38:34 GDX Stock Chart - 1 http://t.co/gBMvcybz3C
Jack /
24 Oct 14 21:58:15
RT @JackDamn: Good morning. Starting the day holding long $GLD (stop 118.28 vs. target 127.74). On today's watch: $LMT $BIIB $GDX.
Stockaholics
24 Oct 14 16:18:19
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $PZG $APOG $GDX
Stockaholics
24 Oct 14 15:01:05
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/Wsu24zYrur $MDMT $COHO $GDX
Chasing Stars
24 Oct 14 14:41:56
$GDX Yield Click Here: http://t.co/MPnQY27cm8 Also See: $ACT $CREE $IDNG $IDNG ~
Stock Forums
24 Oct 14 14:36:26
$GDX Dividend Click Here: http://t.co/FUQLnhcwRM Also See: $XLK $AEMD $XHB $CORN ~
Investors Hangout
24 Oct 14 14:34:52
$GDX Ex-Div Date Click Here: http://t.co/nvqWaxBS5z Also See: $GOOG $ABX $NLNK $XHB ~
Investors Hangout
24 Oct 14 14:29:26
$GDX EOD Data Click Here: http://t.co/90ejgnkaqK Also See: $MJNA $WMT $ACT $IYR ~
GoldMarketNews
24 Oct 14 14:05:33
#Gold Miners ETF GDX - last: $20.47 @ 4:00pm EST 10/24/2014 http://t.co/EfSZqknoVn $GDX
Prices Gold
24 Oct 14 14:05:32
#Gold Miners ETF GDX - last: $20.47 @ 4:00pm EST 10/24/2014 http://t.co/aZBUgrzQJ5 $GDX
Timothy Parker
24 Oct 14 13:41:44
RT @TheDailyGold: Gold Rebounds but Gold Miners Struggle…..bad sign: http://t.co/cbLFskEAqM #gold $GLD $GDX $GDXJ $SLV
Stockaholics
24 Oct 14 13:41:22
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $PZG $APOG $GDX
Schnip's Quips
24 Oct 14 13:00:09
XAU Index down 8 straight weeks -- longest weekly decline since March 2003. $GDX $GDXJ $GLD $IAU
Chasing Stars
24 Oct 14 12:59:36
$EWRS Company Info Click Here: http://t.co/7z69KUobWY Also See: $ONE $JO $TBEV $GDX ~
MoneyShow
24 Oct 14 12:46:16
$GLD $GDX I Hope Gold Owners Followed the Plan... http://t.co/XQdmRID79d
Traders Expo
24 Oct 14 12:45:58
$GLD $GDX I Hope Gold Owners Followed the Plan... http://t.co/VrAr2NAQmd
TomAspray
24 Oct 14 12:45:41
$GLD $GDX I Hope Gold Owners Followed the Plan... http://t.co/wKzDwMbF0o
MoneyShow Trading
24 Oct 14 12:45:19
$GLD $GDX I Hope Gold Owners Followed the Plan... http://t.co/rgL3zvT2uU
Sufiy
24 Oct 14 12:42:00
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
Jordan Roy-Byrne CMT
24 Oct 14 12:41:04
Gold Rebounds but Gold Miners Struggle…..bad sign: http://t.co/cbLFskEAqM #gold $GLD $GDX $GDXJ $SLV
BrutusMaximus
24 Oct 14 11:48:16
@BobLoukas lol... BrutusMaximus @Equitykingkong · Oct 22 $GDX has not been this cheap relative to $GLD in at least 20 years
				
				
  +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.