Exchange traded funds indexed to gold miner stocks were among the weakest ETF performers on Wednesday. Agnico-Eagle Mines (NYSE: AEM) fell nearly 20% after the company suspended operations at its Goldex mine in Quebec due to water inflows and ground instability.
Market Vectors Gold Miners (NYSEArca: GDX) slid 6% on Wednesday.
Meanwhile, a leveraged ETF that bets against gold miners was the top percentage gainers in ETFs — Direxion Daily Gold Miners Bear 2x Shares (NYSEArca: DUST) climbed 11.5%. [ETF Spotlight: Direxion Daily Gold Miners Bear 2x (DUST)]
Along with Agnico-Eagle, other mining stocks losing ground Wednesday included Goldcorp Inc. (NYSE: GG) and Newmont Mining Corp. (NYSE: NEM).
The gold miner ETF has been turned away at its 200-day moving average, a key technical indicator. [Miner ETF Hits Resistance]