Gold stocks and ETFs are delivering some strong returns on Thursday with:
- the SPDR Gold Trust (ETF) GLD 0.74% up 1.4 percent
- Market Vectors Gold Miners ETF GDX 3.49% up 6.4 percent
- Direxion Shares Exchange Trades Fund Trust NUGT 10.27% up 19.6 percent
- Direxion Shares Exchange Traded Fund Trust JNUG 13.39% up 23.0 percent on the day.
- The Direxion Shares Exchange Traded Fund Trust DUST 10.08% is down 19.3 percent.
If gold’s momentum continues through the end of the week, the precious metal will end the year on a strong note, much like it started 2016. After surging roughly 20 percent by mid-February, the GLD peaked at around +28 percent by mid-summer. At that point in the year, the SPDR S&P 500 ETF Trust SPY 0.36% was up only about 2 percent on the year, and it seemed like a foregone conclusion that 2016 would be the year of the gold trade.
Unfortunately for gold bulls, the wind came out of gold’s sails in the second half of the year. The GLD has fallen…
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