Gold Miner Stocks Rise In Tandem With The General Market: This ETF Offers 2X Leverage
Portfolio Pulse from Melanie Schaffer
Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) rose by 3.5% on Tuesday, following a rising channel pattern. The ETF, which usually follows the price of spot gold, has been in a strong uptrend since October 4. NUGT is a double-leveraged fund designed to outperform the NYSE Arca Gold Miners Index by 200%. It tracks several gold and silver mining companies, including Newmont Corp (NEM), Barrick Gold Corp (GOLD), and Franco-Nevada Corp (FNV), which make up 31.56% of its holdings.
October 17, 2023 | 5:40 pm
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POSITIVE IMPACT
FNV is one of the companies tracked by NUGT, which has been in a strong uptrend.
FNV's performance is likely to be positively impacted by the strong uptrend of NUGT, which tracks it.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
GOLD is one of the companies tracked by NUGT, which has been in a strong uptrend.
GOLD's performance is likely to be positively impacted by the strong uptrend of NUGT, which tracks it.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
NEM is one of the companies tracked by NUGT, which has been in a strong uptrend.
NEM's performance is likely to be positively impacted by the strong uptrend of NUGT, which tracks it.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
NUGT rose by 3.5% on Tuesday, continuing its strong uptrend since Oct 4. The ETF tracks several mining companies including NEM, GOLD, and FNV.
The ETF has been in a strong uptrend since October 4, which is likely to continue in the short term. The ETF's performance is closely tied to the performance of the gold and silver mining companies it tracks, including NEM, GOLD, and FNV.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100