JNUG
bluelobster
Posts: 1,220 ✭✭✭
One of the more interesting trading days in a while. Gold off of the lows, but still down over 1.3%. JNUG got hit early, but now is slightly up for the day on a reversal and showing good relative strength. What does it mean? not sure, but it rarely goes up when Gold is solidly red.
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That said, I don't like to get caught up in JNUG too much GDXJ is the real index here
With bond market closed it doesn't mean much but all will be clear tomorrow!
overnight gold price movement affects the next day's opening of the gold miners indices and the derivative ETFs that track them them.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Gold's up slightly today and GDXJ and JNUG are down, so relative strength was short lived for now.
DOW and S&P were both slightly down. As an index of gold mining companies trading on the exchanges, GDXJ is subject to not only the movement of gold but also the movement of the equities market as a whole. And being a derivative of GDXJ price movement, JNUG followed suit. Note that NUGT, a derivative of GDX performed the same.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
JNUG up about 30% from a week ago when the thread started, while the S&P suffered. Not much correlation with the equities market last week. Miners trying to breaking out?
Gold trying to break out. Miner indices following suit. Likes with silver and it's ETFs.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Good listing/database of available ETFs
For PM plays look in these categories:
Precious Metals
Leverage Commodities
Leveraged Equities
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong