Spot Gold Rises As Cracks In The U.S. Economy Start To Show: This Double-Leveraged Fund Can Accelerate Gains
Portfolio Pulse from Melanie Schaffer
Spot gold rose on Wednesday due to concerns about the U.S. economy, with job openings lower than expected and economic growth projections revised downwards. The Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) opened higher but consolidated slightly lower, likely due to technical analysis reasons. NUGT is a double-leveraged fund designed to outperform the NYSE Arca Gold Miners Index by 200%, tracking several gold and silver mining companies including Newmont Corp (NEM), Barrick Gold Corp (GOLD), and Franco-Nevada Corp (FNV).
August 30, 2023 | 4:12 pm
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NEUTRAL IMPACT
Franco-Nevada Corp (FNV) is one of the gold and silver mining companies tracked by NUGT.
FNV is one of the companies tracked by NUGT. Any significant movement in NUGT could potentially impact FNV's stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Barrick Gold Corp (GOLD) is one of the gold and silver mining companies tracked by NUGT.
GOLD is one of the companies tracked by NUGT. Any significant movement in NUGT could potentially impact GOLD's stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Newmont Corp (NEM) is one of the gold and silver mining companies tracked by NUGT.
NEM is one of the companies tracked by NUGT. Any significant movement in NUGT could potentially impact NEM's stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
NUGT opened higher but consolidated slightly lower, likely due to technical analysis reasons. It is a double-leveraged fund designed to outperform the NYSE Arca Gold Miners Index by 200%.
The news directly pertains to NUGT and its performance. The ETF's slight consolidation despite the rise in spot gold may be due to technical analysis reasons, which could impact its short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100