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Gold Miners ETFs are digging deeper
Gold retreated on Wednesday, sliding further below the $1,800 level as the dollar ticked higher.
By Rony Abboud
0
- Gold
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Gold retreated on Wednesday, sliding further below the $1,800 level as the dollar ticked higher and mystery loomed on the Fed’s tapering outlook.
It’s been downhill for Gold Miners lately, as their profitability is linked to gold prices. Mining companies tend to use their operating and financial leverage during gold bull runs to maximise profits and shareholder returns. The trick however is a double-edged sword and can turn sour at lower gold prices, especially for juniors.
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Gold Miners ETFs were dragged down yesterday, with VanEck Vectors Gold Miners ETF (GDX) and VanEck Vectors Junior Gold Miners ETF (GDXJ) losing -1.34% and -1.64% respectively.
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