Data suggest some traders are betting against DUST in a big way, meaning NUGT could be poised to soar in the near-term.
“Short sellers have more than doubled their bets against DUST in 2017. Short interest is up 150% since the start of the year, and — at 5.41 million shares — is hovering just a chip-shot away from September’s record high levels. However, the shorts show no signs of backing down just yet, judging by the 10% increases in short interest during each of the past two reporting periods,” according to Schaeffer’s.
ETF traders who are uncomfortable with the riskier 3x products can also track the miner space with a smaller 2x leverage. For example, the ProShares Ultra Gold Miners (NYSEArca: GDXX) and ProShares Ultra Junior Miners (NYSEArca: GDJJ) take the 2x or 200% daily performance of NYSE Arca Gold Miners Index and Market Vectors Global Junior Gold Miners Index, respectively.
For more information on the gold market, visit our gold category.