Miner ETFs Climb on Weak USD, Discovery of Gold Mother Lode in Australia

Precious metals miners ETFs surged Wednesday as gold strengthening on a weaker U.S. dollar and after Australian miners struck the “mother lode” of gold.

Leading the charge on Wednesday, the ETFMG Junior Silver Miners ETF (NYSEArca: SILJ) advanced 5.5% and Sprott Junior Gold Miners ETF (NYSEArca: SGDJ) increased 4.4% while the VanEck Gold Miners ETF (NYSEArca: GDX) gained 3.8%.

The SPDR Gold Shares (NYSEArca: GLD) rose 0.9% as Comex gold futures were 0.9% higher to $1,213 per ounce.

A mine in Western Australia struck gold, uncovering around $11.5 million worth, NPR reports.

“Everything was covered in dust, and as I watered the dirt down there was just gold everywhere, as far as you could see,” Miner Henry Dole, who works for Beta Hunt mine, told Australia’s ABC News. “There was chunks of gold in the face, on the ground, truly unique I reckon. … I nearly fell over looking at it … we were picking it up for hours.”