Globally, investors pulled $946 million from gold ETFs in January, but they returned to ETFs like GLD and the ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) in February and March, allocating a combined $858 million to gold funds in those two months. [Strong Demand Seen for Gold, Silver ETFs]

Gold and gold futures are often considered a play on economic, political, or currency events. Many investors think the decline in gold prices that started last year will continue, and that gold may be susceptible to a severe drawdown similar to the period from 1988 to 1999. There’s sentiment from others that gold has bottomed, and it’s time to buy low, according to Direxion.

Direxion is no stranger to leveraged gold ETFs. The Direxion Daily Gold Miners Bull 3X Shares (NYSEArca: NUGT) and the Direxion Daily Gold Miners Bear 3X Shares (NYSEArca: DUST) are the dominant names among leveraged gold mining ETFs. The issuer also launched the Direxion Daily Junior Gold Miners Index Bull 3x Share (NYSEArca: JNUG) and the Direxion Daily Junior Gold Miners Index Bear 3X Shares (NYSEArca: JDST) last year. [Good News for Gold Mining ETFs]

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD and JNUG.