UGL (ProShares Ultra Gold, Expense Ratio 0.95%) is slightly smaller, with about $125 million in AUM, while the 2011 launch, UGLD (VelocityShares 3X Long Gold ETN, Expense Ratio 1.35%) currently has about $44 million in AUM.

In spite of very weak average volumes in the markets, particularly in equity ETFs for the past two weeks, the aforementioned Gold ETPs have actually uniformly seen huge spikes in trading volume in the past couple sessions, making us pay even closer attention.

SPDR Gold Shares

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