NUGT performed so poorly over that period that on July 25, 2013, Direxion announced a 1-for-10 reverse split for the ETF, the most recent reverse split for NUGT. That split became effective on Aug. 20, 2013 and this how NUGT has looked since then.
Of course, past post-split behavior is not guaranteed to repeat, but until gold prices and/or miners’ fundamentals improve, JNUG’s reverse split is no more than artificial price inflation. Without the help of, at the very least, higher gold prices, JNUG could travel a similar post-reverse split path to NUGT.
*Both charts courtesy: Yahoo Finance.