“Global currency volatility is lending strength into gold. People want something stable that they can hold,” Bob Haberkorn, a senior commodities broker with RJO Futures, told the Wall Street Journal.
Meanwhile, leveraged long gold miner funds were among the best performing ETFs Thursday. The Direxion Daily Junior Gold Miners Index Bull 3x Shares (NYSEArca: JNUG) and the Direxion Daily Gold Miners Bull 3X Shares (NYSEArca: NUGT) take the 3x or 300% daily performance of a group of large gold miners and junior miners, respectively. JNUG jumped 12.8% and NUGT surged 14.6%. Furthermore, the recently launched ProShares Ultra Gold Miners (NYSEArca: GDXX) and ProShares Ultra Junior Miners (NYSEArca: GDJJ), which take the 2x or 200% daily performance of large miners and junior miners, increased 10.9% and 8.8%, respectively.
Additionally, bullion-related DB Gold Double Long ETN (NYSEArca: DGP) was up 3.6% and the ProShares Ultra Gold (NYSEArca: UGL) was 3.8% higher.
SPDR Gold Shares
For more information on the gold market, visit our gold category.
Full disclosure: Tom Lydon’s clients own shares of GLD.
Max Chen contributed to this article.