The sudden drop in gold and miners may have caught traders off guard as asset flows revealed that leveraged and inverse gold ETF traders have been dumping bearish bets over the past month, according to Direxion data.
Specifically, the Direxion Daily Gold Miners Bear 3X Shares (NYSEArca: DUST) experienced $779,000 in outflows and Direxion Daily Junior Gold Miners Index Bear 3X Shares (NYSEArca: JDST) saw $951,000 in outflows over the past 30-days. However, the two leveraged inverse trades were among the best performing ETFs Friday, with DUST jumping 22.2% and JDST surging 21.9%.
Market Vectors Gold Miners ETF
For more information on gold stocks, visit our gold miners category.
Tom Lydon’s clients own shares of GLD.