Conversely, investors have not favored bearish positions against the miners, at least not via the Direxion Daily Gold Miners Bear 3X Shares (NYSEArca: DUST). Coming into Tuesday, DUST had surged a tidy 55% over the past month, but was also lighter by $185.3 million in assets. DUST is the top-performing leveraged bear ETF from Direxion this month.

There are incremental signs that some investors and traders are starting to get it right with leveraged gold ETFs. The Direxion Daily Gold Bear 3X Shares (NYSEArca: BARS), which debuted in April, saw its volume over the past five days jump 69% above the average of the previous 20 days, according to Direxion data.

Direxion Daily Gold Miners Bear 3X Shares

Tom Lydon’s clients own shares of GLD.

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