Gold Miners ETFs and Marijuana ETFs crashed this week

Gold Miners ETFs hammered by sluggish Gold price

Last week, gold was trading below the important level of $1,800 an ounce, as a stronger US dollar and higher bond yields hurt the precious metal's safe-haven appeal. In that period (September 6th to 10th), spot gold fell by -2.1% from $1,826.19/oz. to $1,787.34/oz. while the dollar index gained 0.6%.

Major and junior Gold miners whose performance is directly linked to the price of the yellow metal were taken down with it. The worst gold miners ETFs were VanEck Vectors Junior Gold Miners ETF (GDXJ), UBS (Irl) ETF plc – Solactive Global Pure Gold Miners UCITS ETF (UBUD) and HANetf AuAg ESG Gold Mining UCITS ETF (ZSG0), losing more than 6.0% each.

Cannabis and Marijuana ETFs go up in smoke

Poor earnings results and lack of federal initiative since the initial enthusiasm to legalize marijuana. This has weighed on the shares of companies that cultivate, produce or distribute cannabis for medical or recreational purposes.

Cannabis and Marijuana ETFs initially surged this year on hopes that legislation would help legalize marijuana, but so far there has been no indication from Capitol Hill on upcoming actions. The absence of positive headline has left hopeful investors disappointed.

Global Cannabis Stock Index, which represents the overall publicly traded market for the medical and legal marijuana sector with its 45 constituents fell by 7.41% last week to $47.29 and almost 50% since its 2021 highs in mid-February.

The biggest losers in the Cannabis and Marijuana ETF space between September 6 and 10 were AdvisorShares Pure US Cannabis ETF(MSOS), Horizons US Marijuana Index ETF (HMUS), ETFMG U.S. Alternative Harvest ETF (MJUS) and AdvisorShares Pure Cannabis ETF (YOLO), who shed more than 7.0% each.

Honorable mentions: Crypto and Palladium ETFs

Cryptocurrency ETFs swing back to our weekly worst ETFs list. The drop could be linked to Salvador adoption of Bitcoin, which may have been a sell the news signal for some traders. The total market cap of cryptocurrency between September 6 and 10 fell by almost 16%, from $2.369 trillion to $2.00 trillion. The biggest Crypto ETFs losers during the same period were 21Shares Cardano ETP, CoinShares Physical XRP and 21Shares Binance Coin ETP, plunging by more than 18% each.

Rising concerns over slower global car manufacturing, with announcements from automakers shuttering some production due to chip shortages, have pushed demand for auto-catalysts palladium lower this week. Price of Palladium ETFs fell by 12% between September 6 and 10. Consequently, Palladium ETFs that invest in physical Palladium shared the same fate with ZKB Palladium ETF, Xtrackers Physical Palladium EUR Hedged ETC and WisdomTree Physical Palladium ETC falling by more than 8% each.

Bottom 10 ETFs of the week:

Europe

• Xtrackers Physical Rhodium ETC: -9.43%
• ZKB Palladium ETF: -9.34%
• WisdomTree Physical Palladium ETC: -8.12%
• Xtrackers Physical Palladium ETC: -8.12%
• UBS ETF (CH) – Palladium: -8.11%
• UBS (Irl) ETF plc – Solactive Global Pure Gold Miners UCITS ETF: 6.03%
• HANetf AuAg ESG Gold Mining UCITS ETF: -5.80%
• VanEck Vectors Junior Gold Miners UCITS ETF: -5.61%
• WisdomTree Wheat: -5.24%
• L&G Gold Mining UCITS ETF: -5.22%

Americas

• AdvisorShares Pure US Cannabis ETF: -9.25%
• Horizons US Marijuana Index ETF: -9.02%
• ETFMG U.S. Alternative Harvest ETF: -8.10%
• AdvisorShares Pure Cannabis ETF: -7.98%
• Horizons Global Hydrogen Index ETF: -7.28%
• Purpose Marijuana Opportunities Fund ETF: -7.26%
• Aberdeen Standard Physical Palladium Shares ETF: -7.24%
• Ninepoint Silver Equities Class: -7.06%
• Horizons Big Data & Hardware Index ETF: -6.87%
• Horizons Marijuana Life Sciences Index ETF: -6.85%

Bottom 10 Cryptocurreny ETFs of the week: 

• 21Shares Cardano ETP: -22.08%
• CoinShares Physical XRP: -19.81%
• 21Shares Binance Coin ETP: -19.09%
• Ether Tracker One ETC: -18.96%
• Ether Tracker Euro ETC: -18.81%
• 21Shares Ethereum ETP: -18.35%
• CoinShares Physical Ethereum: -18.34%
• 21Shares Ripple XRP ETP: -17.82%
• WisdomTree Ethereum ETP: -17.73%
• Purpose Ether ETF: -17.31%

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