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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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DennyT
20 Oct 14 10:47:19
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20 Oct 14 10:20:35
RT @LobanovaNatalie: “@kirillklip: TNR #Gold Receives 850,000 share of #McEwen #Mining - Los Azules #Copper $TNR.v $MUX 4FCX $GDX $CU http:…
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Natalie Lobanova
20 Oct 14 10:12:26
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Natalie Lobanova
20 Oct 14 10:10:52
RT @kirillklip: TNR #Gold Receives Royalty From McEwen #Mining On "One Of The Largest Undeveloped #Copper Projects". $GDX http://t.co/rgggK…
Natalie Lobanova
20 Oct 14 10:10:47
“@kirillklip: TNR #Gold Receives 850,000 share of #McEwen #Mining - Los Azules #Copper $TNR.v $MUX 4FCX $GDX $CU http://t.co/zEBiRXhrzy”
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20 Oct 14 10:10:21
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20 Oct 14 10:10:05
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20 Oct 14 10:10:02
RT @TNR_Gold: TNR #Gold Receives Royalty From McEwen #Mining On ”One Of The Largest Undeveloped #Copper Projects“. $GDX http://t.co/8U4bsXh…
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20 Oct 14 10:05:57
RT @TNR_Gold: TNR Gold Los Azules #Copper M&A: Global Copper Deficit May Support Prices – Morgan Stanley http://t.co/SJdO4Q9JmL $ABX $MUX …
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RT @TNR_Gold: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX 4FCX $GDX $CU http://t.co/8U4bsXhPhV
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20 Oct 14 09:12:26
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20 Oct 14 09:12:22
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20 Oct 14 08:33:03
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20 Oct 14 08:32:53
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20 Oct 14 08:27:56
RT @TNR_Gold: TNR #Gold Receives Royalty From McEwen #Mining On ”One Of The Largest Undeveloped #Copper Projects“. $GDX http://t.co/8U4bsXh…
InternationalLithium
20 Oct 14 08:26:59
RT @TNR_Gold: TNR #Gold Receives 850,000 shares of McEwen #Mining - Los Azules #Copper $TNR.v $MUX 4FCX $GDX $CU http://t.co/8U4bsXhPhV
InternationalLithium
20 Oct 14 08:26:47
RT @TNR_Gold: TNR #Gold Receives Royalty From McEwen #Mining On ”One Of The Largest Undeveloped #Copper Projects“. $GDX http://t.co/8U4bsXh…
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20 Oct 14 08:16:11
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20 Oct 14 08:00:13
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Patrick
20 Oct 14 08:00:03
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TNR Gold Corp
20 Oct 14 07:58:50
TNR #Gold Receives Royalty From McEwen #Mining On ”One Of The Largest Undeveloped #Copper Projects“. $GDX http://t.co/8U4bsXhPhV
TraderMinute
20 Oct 14 07:48:30
Last week $GDX underperformed $GLD, on rallies I'd expect to see $GDX to lead but not seeing that here, beware of bull trap
PDAC
20 Oct 14 07:48:17
RT @kirillklip: TNR #Gold Receives 850,000 share of McEwen #Mining - Los Azules #Copper $TNR.v $MUX 4FCX $GDX $CU http://t.co/rgggK2DxtE
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20 Oct 14 07:47:08
BLOCK TRADE: $GDX 606,201 shares @ $20.87 [10:47:07]
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20 Oct 14 07:42:32
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  +Follow January 10, 2014 10:54AM
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