If Auric Goldfinger, the villain in the 1964 James Bond movie “Goldfinger,” was a real person and alive today, there is an excellent chance he would be enthralled by two new exchange funds debuting today from Direxion.
Well, Mr. Goldfinger would almost certainly be a fan of the Direxion Daily Gold Bull 3X Shares (NYSEArca: GLDL). As for the Direxion Daily Gold Bear 3X Shares (NYSEArca: GLDS), that can be viewed as the anti-Goldfinger ETF. GLDL and GLDS are the first ETFs to provide triple-leveraged bullish and bearish exposure to Comex Gold futures.
“Direxion’s leveraged ETFs are aggressive, athletic trading tools designed to provide sophisticated traders with a vehicle to take advantage of market opportunities in either direction. By providing exposure to select markets on the long and short side, we help traders respond to short-term price movement as part of their overall active investment strategies,” said Dan O’Neill, CEO of Direxion, in a statement.
The new Direxion ETFs will compete with the double-leveraged rivals the ProShares UltraShort Gold (NYSEArca: GLL) and the ProShares Ultra Gold (NYSEArca: UGL).
Direxion launches its triple-leveraged gold offerings at a time when the yellow metal is perking up after a forgettable 2013 performance. The SPDR Gold Shares (NYSEArca: GLD) is up about 5% this year.[A Positive View on Commodities ETFs]