에 대한 최신 뉴스 ProShares Ultra Gold (ARCA:UGL)

The fund seeks to meet its investment objective by investing, under normal market conditions, in any one of, or combinations of, Financial Instruments (including swap agreements, futures contracts and forward contracts) based on the benchmark. The types and mix of Financial Instruments in which the fund invest may vary daily at the discretion of the Sponsor. It will not invest directly in any commodity.

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월요일(21일) 금 가격이 사상 최고치로 급등했다. 금은 월요일 오전 11시 20분(동부표준시 기준) 온스당 2.5% 상승한 3,410달러로 상승했다. 이는 미국 금융자산에 대한 불신과 인플레이션 우려로 인해 2010년대 초 글로벌 부채 위기 이후 볼 수 없었던 안전자산으로의 도피가 이어지는 것을 의미한다.

금 가격 사상 최고치, 2011년 이후 가장 강력한 2개월 랠리···엄청난 금 ETF 매수세도 주목

Gold surged to fresh all-time highs on Monday, with bullion jumping 2.5% to $3,410 per ounce by 11:20 a.m. ET, as mounting distrust in U.S. financial assets and inflation fears drive a flight to safety unlike anything seen since the global debt crises <a href="https://www.benzinga.com/topic/donald-trump">of the early 2010s.</a>
Since early March, gold prices — tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) — have climbed an astonishing 19.4%, putting the metal on track for its strongest two-month rally since August 2011.
A perfect storm of macro instability, political friction and investor skepticism about the dollar and U.S. Treasuries is fueling the run.
<h1 class="wp-block-heading">What's Behind The Gold Boom?</h1>
The root of gold's dramatic resurgence lies in a potent mix of fundamental, structural and behavioral drivers.
The U.S. dollar and long-duration Treasuries — once go-to safe havens — have come under pressure in recent weeks amid President Donald Trump's tariff offensive and his escalating feud with Fed Chair Jerome Powell, raising fears over political interference and eroding confidence in U.S. institutions.
In this climate, gold's reputation as a neutral, time-tested store of value is attracting capital seeking stability.
As a result, traditional hedges have faltered. But gold, immune to sovereign missteps and backed by centuries of store-of-value status, has emerged as a refuge for capital looking for shelter from rising macro uncertainty.
Read also: <a href="https://www.benzinga.com/government/regulations/25/04/44899280/are-investors-selling-us-treasuries-as-trump-attacks-powell-heres-what-latest-etf-flows-tell-you">Are Investors Selling US Treasuries As Trump Attacks Powell? Here&#8217;s What Latest ETF Flows Tell You</a>
<h1 class="wp-block-heading">Massive Inflows Into Gold ETFs Confirm Strong Investment Demand</h1>
Investor appetite for gold is clearly visible in the massive inflows into gold-backed exchange-traded funds (ETFs) since mid-January, when Trump made his official return to the White House:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF Name </th>
<th>Inflows (Mid-January to Mid-April)</th>
</tr>
</thead>
<tbody>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>$8.35 billion</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>$3.5 billion</td>
</tr>
<tr>
<td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>)</td>
<td>$2.46 billion</td>
</tr>
<tr>
<td>ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>)</td>
<td>$117 million</td>
</tr>
<tr>
<td>Goldman Sachs Physical Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAAU#NYSE">AAAU</a>)</td>
<td>$304.9 million</td>
</tr>
</tbody>
</table>
</figure>
These blockbuster flows signal broad-based institutional and retail demand. According to Goldman Sachs analyst Lina Thomas, the rally is not being fueled by short-term speculators.
"Data suggests the move has occurred without a substantial return of speculative flows," Thomas said. 
"With estimated COMEX speculative positioning still moderate, we view the rally as structurally supported and less exposed to sharp near-term liquidation risk. Thus, we see current levels as a tactically attractive entry point… and believe this reinforces upside risk to our $3,700/toz year-end forecast."
Ed Yardeni, president of Yardeni Research, said the current momentum validates his call from over a year ago. 
"We&#8217;ve been bullish on gold since it broke out above $2,000 per ounce at the end of February 2024. Our $4,000 target by the end of this year looks increasingly realistic. If that happens, then $5,000 would be our target for the end of 2026."
"This situation may come as a crisis for many assets, but for gold, it's a perfect outcome. Inflation fears remain high as the U.S. stock market loses trillions of dollars, and investors are leaning toward physical gold in search of security rather than risky assets like stocks and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)," said Rick Kanda, managing director at The Gold Bullion Company, in an email.
<h1 class="wp-block-heading">Miners Regain Momentum</h1>
The rally is also lifting gold miners, many of which had lagged physical bullion for much of 2024. Now, they're catching up. "Gold has surged to new all-time highs above $3,000/ounce, driven by renewed flows into gold-backed ETFs and continued strong demand from global central banks," VanEck said Monday.
"At the same time, gold miners are beginning to regain leverage to gold prices, emerging as some of the best-performing stocks so far this year."
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) is up nearly 52% year-to-date, eyeing the strongest annual gain since the fund&#8217;s inception in 2007.
In response to the metal's powerful rally, Bank of America on Monday raised price targets across its North American gold and silver coverage. 
The move comes just ahead of first-quarter earnings season in the precious metals sector, which begins April 23 with Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) and continues with Agnico Eagle Mines Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) on April 24.
Here are the new price targets for key names:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>New Target</th>
<th>Previous Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Agnico Eagle Mines </td>
<td>$159</td>
<td>$142</td>
</tr>
<tr>
<td>Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</td>
<td>$23</td>
<td>$19.50</td>
</tr>
<tr>
<td>Kinross Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>)</td>
<td>$17.50</td>
<td>$15</td>
</tr>
<tr>
<td>Newmont Corp. </td>
<td>$70</td>
<td>$60</td>
</tr>
<tr>
<td>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>$3.10</td>
<td>$2.75</td>
</tr>
<tr>
<td>Centerra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGAU#NYSE">CGAU</a>)</td>
<td>$6.50</td>
<td>$5.50</td>
</tr>
<tr>
<td>Eldorado Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGO#NYSE">EGO</a>)</td>
<td>$19.50</td>
<td>$17.25</td>
</tr>
<tr>
<td>IAMGOLD Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>)</td>
<td>$9.25</td>
<td>$7.75</td>
</tr>
<tr>
<td>SSR Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>)</td>
<td>$9.75</td>
<td>$8.50</td>
</tr>
<tr>
<td>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</td>
<td>$35</td>
<td>$30.50</td>
</tr>
<tr>
<td>New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)</td>
<td>$4.55</td>
<td>$4.10</td>
</tr>
<tr>
<td>Pan American Silver Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NASDAQ">PAAS</a>)</td>
<td>$32</td>
<td>$27</td>
</tr>
<tr>
<td>Franco-Nevada Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>)</td>
<td>$195</td>
<td>$165</td>
</tr>
<tr>
<td>Royal Gold Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>)</td>
<td>$183</td>
<td>$164</td>
</tr>
<tr>
<td>Triple Flag Precious Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFPM#NYSE">TFPM</a>)</td>
<td>$27</td>
<td>$24</td>
</tr>
<tr>
<td>Wheaton Precious Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>)</td>
<td>$100</td>
<td>$86</td>
</tr>
</tbody>
</table>
</figure>
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/news/25/04/44886209/if-you-had-bet-on-gold-after-the-1971-nixon-shock-youd-have-beaten-the-sp-500-unless-you-did-this-one-thing">If You Had Bet On Gold After The 1971 Nixon Shock, You&#8217;d Have Beaten The S&amp;P 500 — Unless You Did This One Thing</a></li>
</ul>
Photo: Shutterstock

Gold Price Soars To Record Highs, Eyes Best 2-Month Rally Since 2011 On Blockbuster ETF Buying

Gold surged past $3,100, setting a new intra-day high on Monday morning at $3,128 per ounce. Investors rush to safe-haven assets amid escalating trade tensions and uncertainty surrounding U.S. tariff policies, including President Donald Trump's proposed 25% tariffs on imported cars and auto parts and a new round of reciprocal tariffs set to<a target="_blank" href="https://www.benzinga.com/25/03/44502030/trump-may-slap-a-20-tariff-on-europe-yet-april-still-offers-rally-hopes-for-european-stocks" rel="noreferrer noopener"> take effect on April 2</a>.
"Tariff issues will continue driving (gold) prices higher until there is some finality to the tit-for-tat campaign," Edward Meier said per Reuters.
The yellow metal gained nearly 19% in 2025, propped by geopolitical concerns and central bank demand. Over the last 15 years, foreign ownership of US treasuries has converged with gold as a percent of central bank reserves. Treasury ownership sank from 25%, while gold reserves rose from 7% to reach the 15% mark.
As gold continues to break records, major financial institutions have revised their price forecasts upward. Goldman Sachs expects it to reach $3,300 per ounce by the end of the year, up from its previous target of $3,100.
Bank of America sees the yellow metal at <a target="_blank" href="https://www.benzinga.com/25/03/44499732/bank-of-america-sees-new-gold-as-a-buy-lifts-price-target-by-50" rel="noreferrer noopener">$3,063 per ounce in 2025 </a>and $3,350 per ounce in 2026, a significant increase from earlier projections of $2,750 and $2,625, respectively. Macquarie has similarly pointed to strong central bank demand and investor inflows as key drivers behind gold's bullish trend.
Despite silver's solid performance, it has not yet exceeded the high from last October, when it traded at $34.78 per ounce. The gold-to-silver ratio, a popular measure of metal's relative performance, has widened, reflecting gold's stronger momentum.
It now takes 91 ounces of silver to purchase one ounce of gold, suggesting <a target="_blank" href="https://www.benzinga.com/25/02/43615367/peter-schiff-predicts-silvers-explosive-catch-up-move-as-the-gold-to-silver-ratio-crosses-901-analysts-foresee-silver-prices-to-touch-38-in-2025" rel="noreferrer noopener">silver may be undervalued</a>. Historically, traders use this ratio to determine whether to favor gold or silver in their portfolios. When the ratio is high, some investors buy silver, expecting it to outperform gold in the future. Conversely, when the ratio is low, they may shift holdings into gold.
Still, pursuing this strategy doesn't require physical exchange and storage of metal. Trading the ratio is convenient through specialized ETFs that offer exposure to metals. SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) provide direct exposure to gold, while iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) is a popular option for silver investors. A trader would buy the gold ETF when the ratio is at the lower historical levels and eventually swap for a stake in silver when it gets high.
More aggressive strategies might employ leveraged ETFs like ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>) and ProShares Ultra Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGQ#NYSE">AGQ</a>), which correspond to double the daily performance of the underlying benchmark.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/03/44544885/record-high-gold-prices-start-to-scare-some-investors-as-inflation-anchor-crumbles" target="_blank" rel="noreferrer noopener">‘My Spidey Tingles' — Gold's Surge Has Some Investors On Edge</a></li>
</ul>
Photo via Shutterstock

News

Politics

Markets

Media

Gold Surges Past $3,100 As Tariff Uncertainty Sets Silver Ratio Trade

Ray Dalio, the billionaire investor, is holding on to gold as a hedge against the potential risks of rising inflation and a looming debt crisis.
What Happened: Dalio, the former CEO of Bridgewater Associates, has highlighted the escalating debt levels globally, with the U.S. debt reaching a record $34 trillion this year in a LinkedIn <a href="https://www.linkedin.com/pulse/do-you-have-enough-non-debt-money-ray-dalio-cfffe/?trackingId=UEWd0393SuqIrVIjr5sjiQ%3D%3D">post</a>. He also pointed out the debt issues faced by China, Japan, and European countries, which pose significant risks to their currencies.
&#8220;History and logic show that when there are big risks that the debts will either 1) not be paid back or 2) be paid back with money of depreciated value, the debt and the money become unattractive,&#8221; Dalio wrote.
See Also: <a href="https://www.benzinga.com/news/24/04/38347033/bound-by-courtroom-rules-donald-trump-is-doing-something-uncommon-for-his-public-persona-staying-sil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bound By Courtroom Rules, Donald Trump Is Doing Something Uncommon For His Public Persona: Staying Silent</a>
Dalio also warned that when nations are heavily indebted, central banks are likely to print more money to pay off the debt, leading to devaluation of the currency, i.e., inflation. He added that gold, as a non-debt-backed form of money, is a good diversifier against high debt levels.
Gold has been on a record-setting run recently, with investors turning to the precious metal amid fears of a recession and persistent inflation. Dalio has previously warned of a potential debt crisis in the US, which could trigger a balance sheet recession.
In the early months of 2024, global markets have experienced considerable volatility. Certain gold ETFs have demonstrated notable returns during this period. For instance, ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>) has yielded a year-to-date return of 29.17%, while GraniteShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAR#NYSE">BAR</a>) and SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) have provided returns of 15.40% and 15.26% respectively, based on data <a href="https://www.benzinga.com/pro/">from Benzinga Pro</a>.
Why It Matters: Dalio&#8217;s decision to hold onto gold as a hedge against inflation and debt crisis is in line with his previous warnings about the global economic landscape. In March, he cautioned that China could face a &#8220;<a href="https://www.benzinga.com/markets/asia/24/03/37976316/billionaire-investor-ray-dalio-warns-china-address-debt-or-face-a-lost-decade">lost decade</a>&#8221; if it doesn&#8217;t address its debt issues. 
Despite these warnings, he remained bullish on <a href="https://www.benzinga.com/markets/asia/24/04/38070613/billionaire-investor-ray-dalio-remains-bullish-on-china-despite-a-looming-100-year-storm-the-time-to">China&#8217;s stock market</a> and suggested that the most opportune moment to invest is when markets are deeply unpopular and undervalued, a situation he sees in the current Chinese equity market.
Despite the potential risks, Dalio&#8217;s investment strategy seems to be paying off. In the past week, gold has been on a <a href="https://www.benzinga.com/markets/equities/24/04/38328354/stock-market-futures-dip-asian-markets-drop-after-israel-hits-back-at-iran-oil-gold-prices-surge">record-setting run</a>, with investors turning to the precious metal amid fears of a recession and persistent inflation. 
Price Action: As of now, the spot price for gold stands at $2,368.73 per ounce, reflecting a decrease of $23.20, or 0.97%. Meanwhile, gold futures for June 2024 are trading at $2,383.3, indicating a decline of $30.5, or 1.26%, according to the data from Bloomberg. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38346938/trump-is-a-force-of-nature-reince-priebus-has-raised-70m-for-gop-convention-despite-being-pushed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Trump Is A Force of Nature&#8217;: Reince Priebus Has Raised $70M For GOP Convention Despite Being Pushed Out</a>
Photo courtesy: World Economic Forum On Flickr
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Global

Billionaire Investor Ray Dalio Is Sticking With Gold As A Hedge Against Inflation: 'History And Logic Show That ...'

<ul>
<li>Gold rose 0.16% to $1,940.15 at 04.30 AM ET</li>
<li>Silver rose 0.21% to $23.328 at 04.30 AM ET</li>
</ul>

SGOL

SIVR

Gold And Silver Prices Edge Higher Today, Ahead Of US Inflation Data

PSLV

In Case Silver Melts Down More: Why Silver Is Down Despite Unprecedented Government Spending. How And Why You Should Hedge It.

The gold bugs are rejoicing. A crisis on the southern border, another war brewing in the Middle East, a successful cyberattack on one of the nation&#39;s energy pipelines, and obvious signs of inflation have resulted in a flight to safety.
The price of gold has risen almost 10% since early April.
Many investors would like to invest in gold, but they don&rsquo;t want to deal with the hassle of buying and storing it. And buying the stocks of individual gold companies can be very risky.
These investors should consider gold ETFs, such as the SPDR Gold Shares ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gld#NASDAQ">GLD</a>), the ProShares Ultra Gold ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ugl#NASDAQ">UGL</a>), and the ProShares UltraShort Gold ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gll#NYSE">GLL</a>).
See Also: <a href="https://www.benzinga.com/money/best-gold-stocks/">Best Gold Stocks Right Now</a>
The investment objective of GLD is to reflect the performance of the price of gold bullion, minus the ETF&rsquo;s expenses.
<img alt="gld.png" src="https://www.benzinga.com/files/u344550/gld.png" style="height:400px; width:751px" />
UGL is for aggressive investors. It uses leverage.
UGL seeks to replicate the daily investment results, before fees and expenses, that correspond to twice the daily performance of the Bloomberg Gold Subindex.
<img alt="ugl.png" src="https://www.benzinga.com/files/u344550/ugl.png" style="height:400px; width:640px" />
GLL is designed for aggressive investors who think the price of gold is going down. It seeks daily investment results that correspond to two times the inverse of the daily performance, minus fees and expenses, of the Bloomberg Gold Subindex.
<img alt="gll.png" src="https://www.benzinga.com/files/u344550/gll.png" style="height:400px; width:640px" />

Technicals

Trading Ideas

3 ETFs To Play The Gold Breakout

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
The price of gold spot hit an all-time high in August 2020, as did the SPDR Gold Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gld#NYSE">GLD</a>). Meanwhile, the VanEck Vectors Gold Miners ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdx#NYSE">GDX</a>), the largest gold mining exchange traded fund by assets, hit a 7-year high.
With this in mind, sophisticated investors seeking to manage daily trading risks as part of an overall diversified portfolio are now able to trade two new exchange traded notes with +3X and -3X leverage. The MicroSectors Gold Miners 3X Leveraged ETN (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdxu#NYSE">GDXU</a>) and MicroSectors Gold Miners -3X Inverse Leveraged ETN (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdxd#NYSE">GDXD</a>) offer sophisticated investors +3X and -3X inverse daily exposure, respectively, to an index that tracks the performance of two gold mining exchange traded funds, compounded daily before taking into account fees. GDXU and GDXD are linked to the performance of the S-Network MicroSectors&trade; Gold Miners Index. &nbsp;&nbsp;
These ETNs seek a return on the underlying index for a single day, resetting daily. The performance of these ETNs over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index during the same period of time. You should proceed with extreme caution in considering an investment in the ETNs.
<h3>What&rsquo;s Different About GDXU And GDXD?</h3>
Unlike other leveraged gold products, like the ProShares Ultra Gold Commodity (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ugl#NYSE">UGL</a>) and ProShares UltraShort Gold (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gll#NYSE">GLL</a>) that provide exposure to commodity futures, GDXU and GDXD provide exposure to the performance of the two largest gold mining exchange traded funds, GDX and GDXJ, which invest in the common stocks of precious metal mining companies. Accordingly, an investor in GDXU and GDXD has exposure to these stocks, and does not have direct exposure to the price of gold itself.&nbsp;
GDXU and GDXD are linked to the performance of the S-Network MicroSectors&trade; Gold Miners Index which tracks the performance of two of the largest gold mining exchange traded funds, the VanEck Vectors&reg; Gold Miners ETF (the &ldquo;GDX&rdquo;) and the VanEck Vectors&reg; Junior Gold Miners ETF (the &ldquo;GDXJ&rdquo;). The index&rsquo;s underlying composition is market capitalization weighted across both ETFs. &nbsp;&nbsp;
The chart below shows the performance of GDX and GDXJ from January 1, 2020 through December 2, 2020. Past performance is not indicative of future results.
<img alt="image001_10.png" src="https://www.benzinga.com/files/u91860/image001_10.png" style="height:367px; width:700px" />
It&rsquo;s worth noting that GDXU and GDXD are exchange traded notes (ETNs), not exchange traded funds (ETFs), a key difference. For example, ETNs are structured as senior unsecured debt obligations of the issuer. GDXU and GDXD are ETNs issued by the Bank of Montreal, and investors are subject to the bank&rsquo;s credit risk.&nbsp;
<h3>What These ETNs Track</h3>
GDXU and GDXD are linked to the performance of the S-Network MicroSectors&trade; Gold Miners Index (MINERS). The index tracks the performance of two of the largest gold mining ETFs, the VanEck Vectors Gold Miners ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdx#NYSE">GDX</a>) and the VanEck Vectors Junior Gold Miners ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdxj#NYSE">GDXJ</a>). GDX tracks the performance of the NYSE Arca Gold Miners Index, which includes companies involved in the gold mining industry such as Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) and Barrick Gold Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>). GDXJ tracks the MVIS Global Junior Gold Miners Index.
GDXU seeks to deliver 3X the daily return of the index and GDXD seeks to return 3X the daily inverse return of the index. These are intended to be held as short-term investments and not intended to be buy-and-hold investments.&nbsp;
The exchange traded notes are subject to the credit risk of Bank of Montreal, the issuer of the ETNs. The ETNs are also subject to the issuer&rsquo;s credit ratings, and the issuer&rsquo;s credit spreads may adversely affect the market value of the notes. 
Please note that leveraged, inverse and inverse leveraged ETNs seek a return on the underlying index for a single day. Those investments are not &ldquo;buy and hold&rdquo; investments, and should not be expected to provide the respective return of the underlying index&rsquo;s cumulative return for periods greater than a day. The investments are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives only on a daily basis. Leveraged investments include risk and are not suitable for all investors. You should proceed with extreme caution in considering an investment in the ETNs. &nbsp;For each ETN, please read the disclosure documents, including the relevant pricing supplements, for additional information, including the relevant risk factors, before making an investment decision. 
Bank of Montreal, the issuer of the ETNs, has participated in the preparation of this article in connection with its offering of the ETNs. &nbsp;Bank of Montreal has filed a registration statement (including a pricing supplement, a prospectus supplement and a prospectus) with the Securities and Exchange Commission (the &quot;SEC&quot;) about each of the ETNs that are being offered by this free writing prospectus. Please read those documents and the other documents relating to these offerings that Bank of Montreal has filed with the SEC for more complete information about Bank of Montreal and these offerings. These documents may be obtained without cost by visiting EDGAR on the SEC website at <a href="http://www.sec.gov" title="www.sec.gov">www.sec.gov</a>. Alternatively, Bank of Montreal, any agent or any dealer participating in these offerings will arrange to send the applicable documents if so requested by calling toll-free at 1-877-369-5412.
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

Long Ideas

Short Ideas

New ETFs

MicroSectors Gold Miners -3X Inverse Leveraged ETNs

GDXD

GDXJ

MicroSectors Gold Miners 3X Leveraged ETN

GDXU

New 3X Leveraged Gold Miners ETNs Begin Trading

Despite the bullishness in the stock market, gold maintained its sheen this year thanks to geopolitical concerns, instability in Europe and United States as well as lofty stock valuations. This is especially true, as the bullion has risen about 9.2% while the S&amp;P 500 Index has gained 13.2% in the year-to-date time frame. &nbsp;
	After the fourth consecutive weekly loss, gold price rebounded to a two-week high toward $1,300 per ounce level as uptick in geopolitical uncertainty raised demand for the precious metal as a safe haven. Tensions between the United States and North Korea flared up again this week after President Donald Trump tweeted that years of talking with North Korea over its nuclear buildup have proved futile and that &quot;only one thing will work.&quot; This sparked fears of World War 3, raising the appeal for the metal as a store of value and hedge against market turmoil. In addition, a Russian report shows that North Korea is preparing to test a missile that could potentially reach the United States (read: <a href="https://www.zacks.com/stock/news/278162/etf-strategies-to-benefit-from-north-korea-tensions">ETF Strategies to Benefit from North Korea Tensions</a>).
	Further, a soft dollar and dovish Fed minutes added to the strength. Though the December rate hike expectation remains intact, the minutes revealed low inflation concerns pushing the greenback down. The dollar index, which measures the greenback&#39;s value against a basket of six major currencies, touched its <a href="https://uk.reuters.com/article/uk-global-forex/dollar-slips-after-fed-minutes-eyes-on-u-s-inflation-data-idUKKBN1CH06W">lowest level since Sep 26</a>. A rise in euro is putting further pressure on the greenback. A weak dollar is a huge boon to gold prices, as it makes gold cheap for holders of other currencies.
	Moreover, higher demand in India, the world&#39;s second-biggest consumer of gold, is lending support to the price of the yellow metal. Notably, demand in India tends to rise in the final quarter due to the wedding and festive season (read: <a href="https://www.zacks.com/stock/news/274380/what-lies-ahead-for-gold-etfs">What Lies Ahead for Gold ETFs?</a>).&nbsp; &nbsp;
	How to Play?
	Given the optimism and intense buying pressure on gold, investors have a long list of options in the ETF world to tap the metal&#39;s rally.
	Gold ETFs
	While there are many products that are directly linked to the spot gold price or futures, we have highlighted the three most-popular ETFs. These have gained more than 12% in the year-to-date time frame and carry a favorable Zacks ETF Rank #3 (Hold) with a Medium risk outlook.
	SPDR Gold Trust ETF GLD: This is the largest and most popular ETF in the gold space with AUM of $35.3 billion and average daily volume of around 7.8 million shares. The fund tracks the price of gold bullion measured in U.S. dollars, and kept in London under the custody of HSBC Bank USA. Expense ratio comes in at 0.40%.
	iShares Gold Trust IAU: This ETF offers exposure to the day-to-day movement of the price of gold bullion and is backed by physical gold under the custody of JP Morgan Chase Bank in London. It has AUM of $9.4 billion and trades in solid volume of 8.8 million shares a day on average. The ETF charges 25 bps in annual fees. &nbsp;
	ETFS Physical Swiss Gold Shares SGOL: This product also tracks the price of gold bullion and is backed by physical bullion under the custody of JPMorgan Chase Bank. It has amassed more than $1.0 billion in its asset base and trades in lower volume of 32,000 shares per day. The product has an expense ratio of 0.39% (read: <a href="https://www.zacks.com/stock/news/274380/what-lies-ahead-for-gold-etfs">What Lies Ahead for Gold ETFs?</a>).
	Leveraged Gold ETFs
	Investors who are bullish on gold may consider a near-term long on the precious metal with the following ETFs depending on their risk appetite.
	ProShares Ultra Gold ETF UGL: This fund seeks to deliver twice (2x or 200%) the return of the daily performance of gold bullion in U.S. dollars. It charges 95 bps in fees a year and has amassed $90.6 million in its asset base. Volume is light at about 41,000 shares per day. The ETF has gained 21.6% so far this year.
	DB Gold Double Long ETN DGP: This ETN seeks to deliver twice the return of the daily performance of the DBIQ Optimum Yield Gold Index Excess Return, charging 75 bps in fees per year. It has accumulated $118.4 million in its asset base so far and trades in an average daily volume of 34,000 shares. The ETN is up 24.6% this year (see: <a href="https://www.zacks.com/funds/etfs/etf-categories/Leveraged-Commodity-ETFs-46">all the Leveraged Commodity ETFs here</a>).
	VelocityShares 3x Long Gold ETN UGLD: This product provides three times (3x or 300%) exposure to the daily performance of the S&amp;P GSCI Gold Index Excess Return plus returns from U.S. T-bills net of fees and expenses. The ETN has been able to manage an asset base of $108 million while charging a higher fee of 1.35% annually. However, the note trades in a solid volume of about 669,000 shares a day on average and has surged 32.3% in the year-to-date time frame.
	Want key ETF info delivered straight to your inbox?
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. <a href="http://www.zacks.com/registration/pfp/?ALERT=RPT_7BST_LP194&amp;ADID=BENZ_CONTENT_ZER_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;cid=CS-BENZ-FT-278574" target="_blank">Click to get this free report</a> 
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	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=SGOL&amp;split=1&amp;cid=CS-BENZ-FT-278574">ETFS-GOLD TRUST (ETF:SGOL): ETF Research Reports</a> 
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	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=GLD&amp;split=1&amp;cid=CS-BENZ-FT-278574">GOLD (LONDON P (ETF:GLD): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=IAU&amp;split=1&amp;cid=CS-BENZ-FT-278574">ISHARS-GOLD TR (ETF:IAU): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=UGL&amp;split=1&amp;cid=CS-BENZ-FT-278574">PRO-ULT GOLD (ETF:UGL): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=UGLD&amp;split=1&amp;cid=CS-BENZ-FT-278574">VEL-3X LNG GOLD (ETF:UGLD): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=DGP&amp;split=1&amp;cid=CS-BENZ-FT-278574">DB GD 2XL (ETF:DGP): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/stock/news/278574/gold-set-to-sparkle-in-q4-etfs-to-consider?cid=CS-BENZ-FT-278574">To read this article on Zacks.com click here.</a>

General

UGLD

Gold Set To Sparkle In Q4: ETFs To Consider

Jeff Gundlach, the CEO of DoubleLine Capital, said on <a href="https://www.cnbc.com/video/2017/08/08/jeff-gundlach-yields-are-going-to-break-out-to-the-upside.html">CNBC's "Fast Money Halftime Report"</a> that yields are going to break out on the upside. He explained that he is watching the ratio of copper to gold, which gives a pretty good indication of a short-term direction for yields.
The copper to gold ratio hit its high of the year and high year over year Tuesday. When the ratio is rising, it is usually suggestive that something is going on with the economy that is inflationary or economically strong, said Gundlach. The current direction of the copper-gold ratio suggests that yields are going to break out on the upside.
Gundlach added that the real key is in the German 10-year Bund, which seems to be trying to go higher, but it is pegged at the same time. It started the year at 25 basis points and it wasn't changing at all. Then it suddenly jumped to 50 basis points. Gundlach believes that German 10-year Bund should not be at 50 basis points, while the U.S. 10-year is at 2.3 percent, because the economic facts are not very different between the eurozone and the United States.
The inflation rate in Germany is the same as the inflation rate in the United States, and the GDP is also similar in two countries. Services PMI and manufacturing PMI are stronger in Germany than in the United States. Gundlach believes that the policy in the eurozone is going to have to change.

CNBC

Eurozone

Forex

Movers

COPX

iPath Dow Jones UBSpper Subindex Total Return ETN

Jeff Gundlach Believes Yields Are Going Higher

Brian Dolan, chief market strategist at DriveWealth, was a guest in Benzinga&rsquo;s PreMarket Prep last week. Among several other issues, including the Federal Reserve and Treasury Yields, the expert went into gold.
Talking about commodities and the wider market, the investor explained that oil was set to decline. &ldquo;Oil being sold fits in perfectly with perfectly with the whole risk-off environment. It&rsquo;s also indicative of an overall lower growth and demand outlook,&rdquo; and that could lead to the whole commodity space coming under pressure. This, of course, would not be supportive for U.S. equities or the energy sector.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/06/8115659/reactions-to-the-feds-decision-not-to-increase-rates-lik">Reactions To The Fed&#39;s Decision Not To Increase Rates: Like A Child Trying To Ride A Bike?</a></bzrelatedlink>
In this environment, many investors would expect gold to surge &mdash; as it has been. When asked about the issue, Dolan said &ldquo;it seems likely&rdquo; that this run-up will continue, &ldquo;until, and only if the unwind and the risk positioning in the broader the broader stock markets and commodities spirals out of control [...]At that point, gold positions will tend to get liquidated alongside those other markets.&rdquo; So, investors that are long gold and/or gold producers should keep an eye on that, he explicated.
&ldquo;While the unwind remains relatively orderly and we are not having multiple percentage drops in successive days, gold is likely to continue to stay elevated,&rdquo; he continued, adding that &ldquo;gold is an extremely illiquid market, and clearly that&rsquo;s also another crowded trade. So, the long positioning there also raises the risk of a more severe unwind. So, if we are moving into the Summer months, and, unfortunately liquidity tends to dry up around most markets, and that kind of exacerbates moves and increased volatility.&rdquo;
So, again, Dolan warned people long gold and gold producers to keep their eyes open. &ldquo;On the short run, I can see further upside [...] But just be wary of the downside unwind,&rdquo; he concluded.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Exclusives

Interview

This Economist Is Bullish On Gold, But Says Be Wary Of Near-Term Pullback

Morgan Stanley&#39;s Stefan Revielle said that the natural gas market is likely to return to a balance by yearend 2016, with a slowdown in supply and ample demand. He added that prices could exceed $3 in 2017, &ldquo;well above the curve.&rdquo;

	&ldquo;The next three months may be challenging as seasonal demand wanes, but we believe this will be a buying opportunity,&rdquo; analyst Stefan Revielle wrote. Unlike oil, natural gas had faced bearish trends for several years, and prices were lowered to boost power demand. The market may rebalance, with supply growth moderating, and sufficient structural demand having been stimulated.

	&ldquo;At current levels, the 2H16 strip should generate too much gas power demand. As inventories normalize, focus should turn to the underlying balance, which is more constructive than prices suggest,&rdquo; the analyst commented, while adding that 2017 prices could average $3.20/MMbtu versus the strip at $2.55/MMBtu.

	Revielle expects demand to ramp up in 2017, backed by LNG, pipeline exports to Mexico and industrial plant completions. While mentioning that supply was &ldquo;the most important variable&rdquo; in bringing the market back in balance, the analyst added that supply was &ldquo;clearly slowing.&rdquo;

	He noted the reasons for moderating supply as:
<ol>
<li>
		Limited incremental Northeast supply growth over the next 6 months</li>
<li>
		US oil production, and associated gas, finally showing meaningful declines</li>
<li>
		Record low activity in non-core shale plays should accelerate declines</li>
</ol>

DGAZ

UGAZ

Why Natural Gas Can Rise 75% By 2017

U.S. Treasury bonds for both the short- and long-term and the U.S. dollar were falling on Wednesday, while gold prices were rising after the Federal Open Market Committee&nbsp;<a href="http://www.benzinga.com/federal-reserve/15/08/5778132/full-fomc-minutes">minutes were leaked</a>.

	Many important issues were discussed in the meeting. Here&#39;s a look at some of the key points.
<ul>
<li>
		The Committee reported on the developments and state of domestic and foreign financial markets; plans for examinations of the Term Deposit Facility in August and of term RRPs at the end of the third quarter of the year; and &ldquo;recent steps the System had taken to prepare further for the process of normalization of monetary policy&rdquo; among other subjects relevant to the economy.</li>
<li>
		Most Fed officials noted rate hike conditions were &ldquo;approaching,&rdquo; although the labor market still has room for improvement and they would like to see a more achievable inflation outlook and additional markets data. However, one official said he/she would hike rates already, but was willing to wait for more evidence, as the others had agreed on.</li>
<li>
		The staff highlighted &ldquo;the risks to the forecast for real GDP and inflation were seen as tilted to the downside,&rdquo; reflecting their assessment that neither fiscal nor monetary policy seemed to be able to help the economy endure considerable adverse shocks. &ldquo;At the same time, the staff viewed the risks around its outlook for the unemployment rate as roughly balanced.&quot;</li>
<li>
		Regarding the timing and pace of policy normalization, officials said a &ldquo;premature policy tightening&rdquo; could have limited ability &ldquo;to offset downside shocks to inflation and economic activity when the federal funds rate was near its effective lower bound.&rdquo;</li>
<li>
		Most members assured the labor market slack could be mostly eliminated in the near-term, leading to conditions &ldquo;as at or very close to those consistent with maximum employment (&hellip;) However, several were concerned that labor market conditions consistent with maximum employment could take longer to achieve, noting, for example, the lack of convincing signs of accelerating wages, which might be signaling that the natural rate of unemployment could currently be lower than they previously thought.&rdquo;</li>
<li>
		Participants generally noticed consumer spending was recuperating, and said they expected it to surge moderately over the short-term. They also assured to still be expecting &ldquo;that the downward pressure on inflation from the previous declines in energy prices and the effects of past dollar appreciation would prove to be temporary.&rdquo;</li>
</ul>

	Shares of the SPDR Gold Trust (ETF) (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>), ProShares Ultra Gold (ETF) (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>), Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>) and iShares Gold Trust(ETF) (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>) were trading up on Wednesday afternoon.

Bonds

Treasuries

Highlights From The FOMC Minutes; Yields & U.S. Dollar Fall, Gold Rises

<div dir="ltr" style="text-align: left;" trbidi="on">
	We may own stocks we are writing about and may have position in these companies. We are not providing any investment advise on this blog and there is no solicitation to buy or sell any particular company here. We are simply sharing our thoughts for educational purposes only. Always consult with your qualified financial adviser before making any investment decisions.

<div class="MsoNormal">
		Last Thursday, October 20th, all was right inthe world. We had rallied past every key technical indicator; <a href="http://seekingalpha.com/article/303562-why-europe-looks-to-china-now">Europe</a>had announced that they had come to an agreement to save the default of <a href="http://seekingalpha.com/article/297345-greece-is-defaulting-recession-is-imminent-play-defense">Greece</a>and <a href="http://seekingalpha.com/article/295686-the-pain-in-spain">Spain</a>,and<a href="http://seekingalpha.com/article/301393-italy-could-sink-the-european-union">Italy</a> and Portugal. Peace and prosperity would once aging reign in the landof <a href="http://www.ucmp.berkeley.edu/history/vinci.html">Leonardo da Vinci</a>,and the home of the greatest art ever created. The food is not too bad either. <o:p></o:p></div>
<div class="MsoNormal">
		Last Friday I think everyone took the day off as there wassuch relief from the news out of Europe that no one wanted to jinks it byshowing up. Anyway it was Friday, Europe would be saved and we had a one monthclosing higher in the markets than we had in 40 years. We deserved a rest and Fridaywas the day.<o:p></o:p></div>
<div class="MsoNormal">
		Well what a difference a day makes. Last week&#39;s passage of the <a href="http://seekingalpha.com/article/299891-the-eu-rescue-bid-what-does-it-mean-for-investors">Eurozone financial rescue plan</a> impactedthe markets as traders continue to evaluate its worth. The markets are also whisperingand watching the Fed for any news about a<a href="http://seekingalpha.com/article/283499-qe3-a-certainty-in-near-term-downside-expected-in-equities-and-commodities"> QE3</a> initiative but the Feds steadfastlydeny any such plan. <o:p></o:p></div>
<div class="MsoNormal">
		Initialrelief over Europe&#39;s latest attempt to end its debt crisis faded fast yesterday(Monday) as investors fretted about the <a href="http://seekingalpha.com/news-article/2057382-stocks-slump-on-worries-about-us-broker-europe">plan&#39;slack of detail</a> and grew more skeptical about Italy&#39;s turnaround effort.<o:p></o:p></div>
<div class="MsoNormal">
		Oneday after European leaders announced a series of measures aimed in part atenticing investors back to the region&#39;s debt markets, bond buyers demandedhigher yields on <a href="http://seekingalpha.com/article/303828-the-new-pessimism-italian-bonds">Italianand Spanish debt</a>. An auction of new Italian bonds was met with weak demand,forcing the nation to pay higher interest rates than in previous sales.<o:p></o:p></div>
<div class="MsoNormal">
		Theresponse from bond markets underscores how challenging it will be for Europeanleaders to convince financial markets that last Thursday&#39;s broad agreement issweeping enough to enable troubled countries such as Italy and Spain to worktheir way out from mountains of debt. The plan calls for beefing up theregion&#39;s bailout fund, recapitalizing banks and reducing Greece&#39;s debt burden.<o:p></o:p></div>
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		Atthis point, it&#39;s pretty obvious that this <a href="http://seekingalpha.com/article/229604-testy-tuesday-trichet-talks-tough">recoveryis fake</a>.<o:p></o:p></div>
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		Since2009, this recovery has been manufactured, bought and paid for by governmentsfrom here to U.K.<o:p></o:p></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; margin-bottom: 12pt;">
		Lastweek, the latest EU bailout plan was just another example of a governmentthrowing money at their problems - and really putting off the real issues untilnext month or next year.<o:p></o:p></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; margin-bottom: 12pt;">
		Today,I want to show you two questions you need to answer so you can navigate these perilouseconomic waters this year. <o:p></o:p></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial;">
		Ask yourself; isthe <a href="http://seekingalpha.com/article/291642-the-world-economy-is-hanging-by-a-thread">EconomyGrowing or Shrinking?</a><o:p></o:p></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; margin-bottom: 12pt;">
		Asa trader, I&#39;m always watching to see if an economy is expanding or contracting?What is the trend of the market? Are the people in this country confident andassured or are they afraid that today may be their last day at work? <o:p></o:p></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; margin-bottom: 12pt;">
		Todetermine this, I found this chart of the <a href="http://seekingalpha.com/article/303142-u-s-gdp-growth-stronger-in-q3-as-economy-enters-expansion">U.S.GDP</a>.<o:p></o:p></div>
<div class="separator" style="clear: both; text-align: center;">
		<a href="http://1.bp.blogspot.com/-RkHSKeWmEa4/Tq-9erOK5VI/AAAAAAAAAQM/9eC3WBnFNZU/s1600/Government+Spending+Expansion+has+come.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="177" src="http://1.bp.blogspot.com/-RkHSKeWmEa4/Tq-9erOK5VI/AAAAAAAAAQM/9eC3WBnFNZU/s400/Government+Spending+Expansion+has+come.jpg" width="400" /></a></div>
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		A Government-Spending Induced Expansion HasCome! 
		&nbsp;</div>
	<a name="more"></a>

<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; margin-bottom: 12pt;">
		TheGDP figures show how the U.S. economy is faring. A negative number shows thatthere is an economic contraction. A positive number shows economic expansion.<o:p></o:p></div>
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		Rightnow, we&#39;re showing a positive number. But there&#39;s just one problem with that.It&#39;s not consumers who are promoting this growth - it&#39;s the government. Thepoliticians are stepping in to keep the economy afloat.<o:p></o:p></div>
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		Inother words, it&#39;s not a healthy expansion. So I don&#39;t expect it to last long.<o:p></o:p></div>
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		Thegood news: even if these numbers show a false start to the economy, they stillgive me some insight on what traders are seeing. Long-term, I&#39;m still cautious.I know the enormous sums of money that the government spent to get theseeconomic results. They can&#39;t keep that up forever.<o:p></o:p></div>
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		Sooneror later, the economy will fall onto the backs of the consumer once again (aswe saw in early August). When this happens, we&#39;ll likely go back into aneconomic contraction.<o:p></o:p></div>
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		Thistells me that I can be <a href="http://seekingalpha.com/article/251201-stock-market-bias-remains-bullish-but-resistance-is-ahead">bullishin the financial markets</a> for short spurts here and there. But long-term, italso tells me to be cautious and to make sure I trade accordingly.<o:p></o:p></div>
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		Toprepare for this in my trading, I can always cut down my lot sizes for eachtrade. That will decrease my risk just in case the markets turn on me.<o:p></o:p></div>
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		Also,if my trades are comfortably above their breakeven point, I&#39;ll quickly move mystop-losses so I can assure myself of some gains just as soon as I feasiblycan.<o:p></o:p></div>
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		Finally, Should I Be On Offense or Defense?<o:p></o:p></div>
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		Thenext thing to keep in mind is whether you should be trading offensively ordefensively. Offensive plays involve buying the high-yielding equities and defensiveplays are the &ldquo;safe haven&rdquo; currencies like the gold and silver that tend torally when stocks fall. As of last week, the world markets seem to think thisEU bailout plan is enough to force a market rally for a while. Therefore, themood of the market can be favorable for taking a bit of risk during thesetimes. <o:p></o:p></div>
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		However,I would be cautious. Right now, we have economies drunk on tons of printedmoney. In my opinion, there&#39;s no way this EU plan will hold up in thelong-term. For now, it just looks like the EU is kicking the can down the roadonce again and saving their problems for another time. The problem is thatevery time we kick the can down the road it gets bigger and it&#39;s beginning tohurt my foot.<o:p></o:p></div>
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		Oncethe markets wise up to this fact, we&#39;ll see the hangover from all this. Stockswill fall - and that&#39;s when you&#39;ll want to bring out your defensive team. Yourdefensive team will include a basket of both physical and paper gold and silverETFs. <o:p></o:p></div>
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		Thetrick is knowing which ETFs to buy. I own a basket of safe gold and silver ETFs.I own SPDR Gold Trust ETF (<a class="ticker" href="/stock/gld#">GLD</a>), Sprott Physical Gold Trust (<a class="ticker" href="/stock/phys#">PHYS</a>), iSharesGold Trust ETF (<a class="ticker" href="/stock/iau#">IAU</a>) and I bounce in and out of ProShares Ultra Gold ETF (<a class="ticker" href="/stock/ugl#">UGL</a>).I also own iShares Silver Trust ETF (<a class="ticker" href="/stock/slv#">SLV</a>), Sprott Physical Silver Trust (<a class="ticker" href="/stock/pslv#">PSLV</a>),Silver Wheaton (<a class="ticker" href="/stock/slw#">SLW</a>) and I bounce in and out of ProShares Ultra Silver ETF (<a class="ticker" href="/stock/agq#">AGQ</a>).<o:p></o:p></div>
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		Inconclusion if the market rallies gold and silver will move up modestly but ifthe markets will sell off (which is just a matter of time) gold and silver willbe our safe ports in the storm. And if the <a href="http://www.federalreserve.gov/monetarypolicy/fomc.htm">FOMC</a> whispersQE3 gold and silver will go parabolic. So while the market stages its rally Iexpect gold and silver to sell off and I will be a buyer on any pullbacks. &nbsp;&nbsp;<o:p></o:p></div>
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PHYS

Last Chance to Buy Gold and Silver At a Discount

The following exchange traded funds reached new 52-week highs in Wednesday's trading session, and the share price of each is more than 20% higher than at the beginning of the year.

FactorShares 2X: TBond Bull/S&amp;P500 Bear (NYSE: <a class="ticker" href="/stock/fsa#NYSE">FSA</a>) is up more than 67% year to date. The underlying index is a spread index reflecting the difference in daily return between the U.S. equity and interest rate market segments by tracking a long position in the front month E-mini S&amp;P 500 Stock Price index futures and a short position in the front month U.S. Treasury bond futures. 

ProShares Ultra Gold (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>) is up nearly 54% year to date. The investment seeks to provide daily investment results that correspond to twice (200%) the daily performance of gold bullion as measured by the U.S. Dollar p.m. fixing price for delivery in London. It invests principally in combinations of swap agreements, futures contracts, forward contracts, and option contracts.

PowerShares DB Gold Double Long ETN (NYSE: <a class="ticker" href="/stock/dgp#NYSE">DGP</a>) is up more than 52% since the beginning of the year. The investment seeks to replicate twice the daily performance of the Deutsche Bank Liquid Commodity index - Optimum Yield Gold Excess Return. The index is comprised of a single unfunded gold futures contract.

ProShares Ultra 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ubt#NYSE">UBT</a>) is up more than 39% since the beginning of the year. The investment seeks daily investment results that correspond to twice (200%) the daily performance of the Barclays Capital 20+ Year U.S. Treasury Bond Index. The fund invests in U.S. Treasury securities and derivatives.

iPath Short Enhanced MSCI Emerging Markets ETN (NYSE: <a class="ticker" href="/stock/emsa#NYSE">EMSA</a>) is up more than 34% since the beginning of the year. The investment seeks to replicate the leveraged return on the inverse performance of the MSCI Emerging Markets Net Total Return index. The index is a free float-adjusted market capitalization index.

iPath Short Enhanced MSCI EAFE ETN (NYSE: <a class="ticker" href="/stock/mfsa#NYSE">MFSA</a>) is up nearly 27% since the beginning of the year. The investment seeks to replicate the leveraged return on the inverse performance of the MSCI EAFE Net Total Return index, which is designed to offer a representation of equity market performance of developed markets in Europe, Australasia and the Far East.

Vanguard Extended Duration Treasury Index ETF (NYSE: <a class="ticker" href="/stock/edv#NYSE">EDV</a>) is up about 26% year to date. The fund invests at least 80% of assets in U.S. Treasury securities held in the Barclays Capital U.S. Treasury STRIPS 2030 Year Equal Par Bond Index. The fund maintains a dollar-weighted average maturity consistent with that of the index, which generally ranges between 20 and 30 years. 

iShares Gold Trust (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>) is up nearly 26% since the beginning of the year. The trust receives gold deposited with it in exchange for the creation of baskets of iShares, sells gold as necessary to cover the trust's liabilities, and delivers gold in exchange for baskets of iShares surrendered to it for redemption.

ETFS Physical Swiss Gold Shares (NYSE: <a class="ticker" href="/stock/sgol#NYSE">SGOL</a>) is up almost 26% since the beginning of the year. The investment seeks to replicate the performance of the price of gold bullion. The trust holds physical gold bullion and offers investors a cost-effective and convenient way to invest in gold with minimal credit risk.

SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) is up almost 26% year to date. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust is only sold on an as-needed basis to pay trust expenses or as otherwise required by law or regulation.

PowerShares DB Precious Metals (NYSE: <a class="ticker" href="/stock/dbp#NYSE">DBP</a>) is up more than 25% year to date. The investment seeks to track the price and yield performance of the Deutsche Bank Liquid Commodity Index - Optimum Yield Precious Metals Excess Return, a rules-based index composed of futures contracts on two of the most important precious metals: gold and silver.

RBS Gold Trendpilot ETN (NYSE: <a class="ticker" href="/stock/tbar#NYSE">TBAR</a>) is up more than 25% year to date. The investment seeks to replicate the RBS Gold Trendpilot index (USD). The index utilizes a systematic trend-following strategy to provide exposure to either the price of gold bullion or the yield on a hypothetical notional investment in 3-month U.S. Treasury bills.

PowerShares DB Gold (NYSE: <a class="ticker" href="/stock/dgl#NYSE">DGL</a>) is up more than 25% since the beginning of the year. The investment seeks to track the price and yield performance of the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return, which is a rules-based index composed of futures contracts on gold.

PIMCO 15+ Year US TIPS Index ETF (NYSE: <a class="ticker" href="/stock/ltpz#NYSE">LTPZ</a>) is almost 25% year to date. The fund invests at least 80% of assets in securities of the BofA Merrill Lynch 15+ Year U.S. Inflation-Linked Treasury Index. The index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 15 years.

EMSA

LTPZ

MFSA

TBAR

Fourteen ETFs Hitting 52-Week Highs

FRANKFURT - Buy as much gold on any pullbacks as the made-for-TV miniseries drags on and on.

The theatrics in the Senate, the House, and the Oval Office, wouldn't cut it on a high school stage, but when you got enough corporate sponsors it gets play on every idiot box around the world.

It's The Debt Ceiling, starring "<a href="http://news.yahoo.com/dr-no-debt-rescue-060200384.html">Dr No</a>," Mitch "Earmarks" McConnell, Harry "I'm-Not-Gay" Reid, The Big O, the insane tea baggers, and a supporting cast of hundreds of others who need to emote before the cameras.

The climax will be when the uglies figuratively throw grandma under the bus and steal her social security.

And there's sure to be great applause when one of the ugly actors helps grandma up, but the camera will miss it when the ugly actor kicks her back down again.

The little voice in my head is screaming at me, "Ramon, pedal your bike to that dealer near <a href="http://en.wikipedia.org/wiki/Zeil">Zeil</a> and get a few coins for your pocket!" Maybe you've got more cash and can back up your gas-guzzling truck. I probably would if I could.

Even Mr. Gold, Jim Sinclair, says the new magnet to watch is <a href="http://www.jsmineset.com/2011/07/18/1764-is-the-magnet-to-watch/">$1,764</a>.

If you somehow still trust paper you can pick up SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>). You can also look at the Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>) and the Market Vectors Junior Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdxj#NYSE">GDXJ</a>).

For leverage, there is the PowerShares DB Gold Double Long ETN (NYSE: <a class="ticker" href="/stock/dgp#NYSE">DGP</a>) and the ProShares Ultra Gold (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>). 

If you think gold has topped out, that The Debt Ceiling isn't half bad. To make serious coin on gold's decline try the PowerShares DB Gold Double Short ETN (NYSE: <a class="ticker" href="/stock/dzz#NYSE">DZZ</a>) or the ProShares UltraShort Gold (NYSE: <a class="ticker" href="/stock/gll#NYSE">GLL</a>).

As far as Eric Cantor betting on a U.S. default: if he were my older brother I'd whack him upside his head with a two-by-four.

As Gerald Calente says, "<a href="http://geraldcelentechannel.blogspot.com/2010/07/gerald-celente-politics-is-show.html">Politics is show business for ugly people</a>." Sadly, he's right.

Maybe I better jump on my bike.

If you have any new tips for me or want to send me gold, contact me at ramon.lewis.benzinga@gmail.com.

Buy Gold Dips Because U.S. Politicians Are Ugly Actors

In a move that managed to surprise everyone and no one (at the same time), Jim Tressel finally resigned from the Ohio State University. Tressel, whose Buckeyes won one National Title and regularly competed for the top slot, walked away after it became clear that he had covered up rules violations for some of OSU's top players.

"The recent situation has been a distraction for our great university and I make this decision for the greater good of the school," Tressel said in his resignation letter. Tressel was scheduled to appear before the NCAA infractions committee to explain why he denied knowing about players receiving improper benefits — a denial later proven a lie when emails emerged showing that he had, indeed, known of the benefits.

Tressel's departure comes at an odd time, considering he had already been suspended for five games and an interim coach had already been named. He could have walked away then and saved himself some time and money, rather than drag out a losing hand for another few months.

You might see a similar situation play out with your portfolio this June. The probable end of QE2, matched with the government refusing to announce any sort of QE3, will serve as a defining moment for a few stocks this summer. Here are a few investments who might “Pull a Tressel,” disappoint your portfolio and leave you hanging come the fall.

First up on the “maybe i should get in short on this” category are the banks. If QE2 ends without QE3, financial stocks will likely get slapped around a bit this summer. Even the big boys won't be immune, which means look out for possible signs of decline for JP Morgan Chase (NYSE: <a class="ticker" href="/stock/jpm#NYSE">JPM</a>) and Citigroup (NYSE: <a class="ticker" href="/stock/c#NYSE">C</a>). Goldman Sachs (NYSE: <a class="ticker" href="/stock/gs#NYSE">GS</a>) is another possible target, but they have so many government insiders that it's hard to imagine them falling significantly in the long term.

Second, consider oil companies. If the economy avoids another round of cheap money, oil prices are likely to go down. Rather than trying to pick which oil stocks will gain or fall, consider playing this event with oil ETFs. Three to look at are the United States Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>), PowerShares DB Oil Fund (NYSE: <a class="ticker" href="/stock/dbo#NYSE">DBO</a>), and the Teucrium Crude Oil Fund (NYSE: CRUD).

Third, look to gold. Dollars have been depressing and limp for a while now, in large part because of QE and QE2. An end to the free money policy might prop the dollar back up, leading to a relative decline in gold prices. Gold has been higher than Rick James lately, so perhaps a fall back to the regression line is in order. Consider three different ETFs, depending on your level of risk-aversion and portfolio.

SPDR Gold Trust (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) was the first Gold ETF, and remains very popular. ProShares Ultra Gold (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>) is more aggressive, offering double returns (and the chance of double losses) with its shares. Market Vectors Gold Miners Fund (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>) offers a different twist on gold investments, by investing in gold companies rather than the price of gold directly.

Financing

Movers & Shakers

Events

Nine Investments that Might Pull a Jim Tressel

<a href="http://www.usmemorialday.org/backgrnd.html">Memorial Day</a> is one of those holidays where maybe 10% of the celebrants actually remember what the day is for, while the other 90% mindlessly enjoy the cookouts, alcohol, car races, and three-day weekend. Given the number of irreligious people who celebrate Christmas, or the number of non-witches who celebrate Halloween, maybe those numbers are not out of whack with normal expectations.

Perhaps it is good to remember the sacrifices, have a moment of silence or prayer, contemplate what it means to be a good person and an American...and then enjoy the friends and family you've chosen to spend your holiday time with. It is in that spirit that we offer five stocks to consider for Memorial Day.

Baseball Dick's Sporting Goods (NYSE: <a class="ticker" href="/stock/dks#NYSE">DKS</a>) can quickly outfit you for the weekend ball game, your kids for Little League, or your summertime portfolio. With a market cap of nearly $5 billion, the sporting goods giant could be primed to barbecue the competition this holiday.

Coca Cola Coca Cola (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>) has to appear on any list celebrating America, primarily because it is everywhere. There are some places where one orders a soft drink with the generic term “coke”, prompting the server to ask you to clarify.

McDonalds Is there any company that tells the story of America better than McDonald's (NYSE: <a class="ticker" href="/stock/mcd#NYSE">MCD</a>)? The food is terrible for you, their marketing is everywhere, and they're blamed for the demise of everything from public health to the general environment. They're spread across the globe like an empire and virtually every local population would be better off if they simply buggered off. But the stock? Maybe you're lovin' it.

Gold Ron Paul would sure be on board with this sentiment. The Republican Congressman, who is also running for president in 2012, is a huge fan of returning the US Dollar to the gold standard. Considering the instability in world markets lately, with nations defaulting and getting bailed out, gold has been a popular play this year. SPDR Gold Trust (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) and ProShares Ultra Gold (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>) are two ETFs that offer investors a chance to cash in on gold's rise.

The USD A strong America needs a strong dollar, or so the saying goes. Investing in any foreign exchange market is risky by nature. However, the USD has long been considered a safe haven currency. As the world's most accepted currency, the USD will almost always do well, other than the times when America is really down and other economies are up. If you're good at following news and predicting trends, pairing the dollar with top currencies like the Euro, the British pound, or the Chinese Yuan could allow you to make money off world events. The nice thing about these investments is they offer you the opportunity to easily play either side of the equation.

Five Investments to Consider for Memorial Day

The price of gold went up on Friday as the U.S. dollar retreated. In Friday's trading, the Forex Gold Index rose 1.5% to $1,511. <a href="http://economictimes.indiatimes.com/markets/gold-rises-silver-up-3-pc-as-dollar-retreats/articleshow/8295401.cms">Precious metals</a> are strongly linked to the value to the dollar. As the greenback started losing value against the euro, following better than expected economic data from the Eurozone, the price of gold started to increase again, after falling below the $1,500 line on Thursday. 

Traders who believe the U.S. dollar might continue to shed value and the price of gold to keep rising will be interested in PowerShares Global Gold &amp; Prec Metals (NASDAQ: <a class="ticker" href="/stock/psau#NASDAQ">PSAU</a>), Ultra Gold ProShares (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>) and WisdomTree Dreyfus Emerging Currency Fund (NYSE: <a class="ticker" href="/stock/cew#NYSE">CEW</a>).

WisdomTree Dreyfus Emerging Currency Fund

PowerShares Global Gold & Prcious metals Portfolio

PSAU

Gold Up as Dollar Goes Down (PSAU, UGL, CEW)

Commodities and major currencies declined today as the dollar shows it hasn't yet lost the “safe haven” aura it has held for so many years. The dollar strengthened against most currencies including the Euro, Aussie and Canadian dollars and others while oil and metals fell yet again, along with U.S. stocks in general.

<a href="http://www.forextv.com/forex-news-story/forex-eur-aud-and-other-higher-yielders-fall-as-investors-scramble-for-safety-amid-plunging-oi">According to</a> Nick Nasad of FXTimes, a variety of factors came in to play to the dollar's advantage. Oil declined resulting from a much higher than expected inventory increase, combined with increased margin requirements imposed by the CME. 

There is also concern about interest rates increasing around the world as more nations, especially China and in Europe, report increasing inflation. This will put more pressure on various central banks to raise interest rates, which in turn will negatively affect commodities.

The Euro is under pressure from issues related to the support and/or bailout of Greece, Portugal and possibly others. Reaching an agreement between the European nations may be difficult due to the political disagreements along with the protests in Greece. Germany in particular needs assurances that any nation receiving aid is doing all it can to reform its practices.

As commodities decline, so will currencies linked to commodities such as the Australian, Canadian, and New Zealand dollars. Silver declined today much more sharply than gold, with silver dropping nearly 8 percent compared to around 1 percent for gold. The recent run up in gold and silver may have ended for the time being if traders become more risk averse.

Any interested dollar traders may want to consider ETF's such as PowerShares DB US Dollar Index (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>) or the PowerSharesDB Dollar Bearish Index (NYSE: <a class="ticker" href="/stock/udn#NYSE">UDN</a>). Traders considering silver plays can consider the iShares Silver Trust Fund (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>) or the ProShares UltraShort Silver ETF (NYSE: <a class="ticker" href="/stock/zsl#NYSE">ZSL</a>). Traders wishing to follow gold can consider the SPDR Gold Trust (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>), ProShares Ultra Gold (NYSE: <a class="ticker" href="/stock/ugl#NYSE">UGL</a>) or the Market Vectors Gold Miners Fund (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>).

Currency ETFs

Travel

Intraday Update

PowerShares DB US Dollar Index Bearish Fund

PowerShares DB US Dollar Index Bullish Fund

Dollar Runs As Metals And Other Currencies Stumble

Federal Reserve Chairman Ben Bernanke will continue devaluing the dollar (UUP) by keeping interest rates at all-time lows and continue quantitative easing as we have not seen a major improvement in unemployment and housing. We are also entering an election year in which central banks do not want to rile the equity markets. Just because the S&amp;P (SPY) has been soaring does not mean the economy is improving. Easy money policies will continue for an extended period of time to fight against current economic weakness. This is an environment in which gold (UGL) and silver (AGQ) will benefit. We are currently seeing a massive inflationary environment globally that has caused political unrest in North Africa and the Middle East, and rising costs in key emerging economies such as China and South Korea.
We must be prepared for these current short-term corrections in precious metals because it will provide additional buying opportunities in gold (GLD), silver (SLV) bullion and mining stocks (GDX). The market will try to make you be complacent when you should be fearful, and make you scared when you should be enthusiastic.
I have mentioned that silver was 70% above the 200-day moving average, surpassing overhead resistance, reaching record levels on the oscillators and surpassing my late January technical targets. Silver has moved much faster and higher than I originally projected. I initially thought the move would last through May, but the speculative buying and short covering has caused silver to reach my target a few weeks ahead of schedule. Whenever these conditions occur, caution is merited as the odds of a shakeout have significantly increased. A healthy correction is necessary to maintain the long-term steady uptrend and provide secondary buypoints.
Major institutions raises cash and began selling into a rising market as the speculative fever reached a climax the last two weeks of April. When the consensus gets greedy, I get fearful. Since late January when my indicators turned bullish on precious metals and mining stocks, we have seen record investment demand in silver and gold bullion combined with short covering. Tremendous record volume in the silver market indicated a short-term buying hysteria. These frenzies in the precious metals markets are often followed by quick and violent corrections which we are currently witnessing to shakeout the Johnny Come Lately traders who get overaggressive in these rising markets. Investors were building up very aggressive and speculative positions. The conditions in silver have been setting up for a painful pullback.
A healthy correction is currently necessary to sustain the long-term steady uptrend in hard assets. Most investors do not realize that precious metals are in a long-term secular uptrend but there will be volatility with ebbs and flows. Silver is an extremely turbulent market which exceeds technical targets and momentum oscillators regularly. Silver blows very hot and very cold exceeding to the upside and the downside.
This is a chart I sent my readers April 22, 2011.
<img src="http://image.minyanville.com/assets/FCK_Jan2011/Image/LisaCatchAPRIL2011/sliv1.jpg" alt="" width="550" height="434" />
I needed to be careful about this move in silver in late April surpassing my late January target of $40 and the US dollar bearish sentiment which was reaching an extreme in late April. Silver exceeded upper trend channels and saw record volume, showing signs of a shakeout. I was very concerned that silver was overheating as the herd tried to force its way into this trade.
Whenever I have seen these parabolic moves, they have not ended well as the profit-taking begins and the investors who have overleveraged themselves get margin calls. I am not surprised at all about this painful shakeout.
Precious metals investors may be repositioning from bullion into mining stocks. This consolidation may be the catalyst to help the miners catch up with the performance of gold and silver bullion. Mining stocks have not yet seen the speculative levels that bullion has seen. The general public is now realizing that inflation and precious metal prices will be high for some time to come as Bernanke has no plans of exiting, but are reluctant to enter bullion at these pricey levels. Miners, especially junior explorers (GDXJ) are providing a discount to bullion. Inflation will continue for years to come yet this correction in the junior miners (GDXJ) indicates the public is still unaware of the basic fundamental and growth potential of this sector over then next decade especially when gold and silver find support.
This has been no surprise to my readers. I have said that there is no exit plan from the Fed. There is a concerted effort to devalue the US currency to pay back soaring debts. The US is broke and it can't afford raising interest rates. Savers are getting swindled by leaders in Washington, which has used public taxpayer money to bail out corporations and banks. Americans are getting squeezed by soaring prices of basic goods, while their hard-earned savings are depreciating.
I have urged caution around initiating positions in gold or silver bullion as the trade was very crowded and at the end stages of its short-term move from late January through May. Remember, gold has a historic cycle to provide a sale every six months.
As gold and silver sell off, don't forget the long-term uptrend will stay intact. Will you be ready for the next turning point in precious metals as the herd sells out during the panic?
I believe junior mining stocks (GDXJ) will catch up. Some people are concerned that some of the mining stocks that haven't moved yet should be sold while they're reaching long-term support and basing. I don't believe so as they all provide leverage to falling currencies and rising demand from emerging economies. As these mining stocks sell off, I begin to look at the long-term fundamentals which have not changed. Perceptions from the herd change but the fundamentals in gold miners (GDX) do not. One must take advantage of sell-offs in gold and silver miners; they are opportunities to get on board the secular bull market in precious metals. I believe it is the best way to protect one's assets during these times of growing record deficits and currency devaluations.

Take Advantage Of Dips In Precious Metals and Miners

월요일(21일) 금 가격이 사상 최고치로 급등했다. 금은 월요일 오전 11시 20분(동부표준시 기준) 온스당 2.5% 상승한 3,410달러로 상승했다. 이는 미국 금융자산에 대한 불신과 인플레이션 우려로 인해 <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noopener">2010년대 초</a> 글로벌 부채 위기 이후 볼 수 없었던 안전자산으로의 도피가 이어지는 것을 의미한다.
3월 초부터 SPDR Gold Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)가 추적하는 금 가격은 19.4%라는 놀라운 상승률을 기록하며 2011년 8월 이후 가장 강력한 2개월 랠리를 이어가고 있다.
거시 경제 불안정성, 정치적 마찰, 달러와 미국 국채에 대한 투자자들의 회의론이 &#8216;퍼펙트 스톰&#8217;을 일으키며 금 상승세를 지지했다.
<h3 class="wp-block-heading">금 가격 급등의 배경은?</h3>
금의 극적인 상승 근원은 펀더멘털, 구조적, 행동적 동인의 강력한 조합에 있다.
한때 안전한 피난처였던 미국 달러와 장기 국채는 최근 몇 주 동안 도널드 트럼프 대통령의 관세 공세와 제롬 파월 연준 의장과의 불화가 심화되면서 정치적 개입에 대한 우려가 커지고 미국 기관에 대한 신뢰가 약화되는 가운데 압력을 받고 있다.
이러한 상황에서 중립적이고 오랜 기간 검증된 가치 저장 수단이라는 금의 명성은 안정성을 추구하는 자본을 끌어들이고 있다.
그 결과 전통적인 헤지 수단이 흔들리는 중이다. 그러나 금은 권력자의 실수에 영향을 받지 않고 수 세기에 걸친 가치 저장 수단으로서의 지위를 바탕으로 하기 때문에 거시적 불확실성 증가로부터 피난처를 찾는 자본의 피난처로 부상했다.
<h3 class="wp-block-heading">금 ETF에 대한 대규모 자금 유입, 강력한 투자 수요 의미</h3>
금에 대한 투자자들의 열망은 트럼프가 백악관으로 공식 복귀한 1월 중순 이후 금으로 뒷받침되는 상장지수펀드(ETF)로의 대규모 자금 유입을 통해 분명히 확인할 수 있다.
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th>ETF</th>
<th>유입액 (1월 중순 ~ 4월 중순)</th>
</tr>
</thead>
<tbody>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>$83억 5천만</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>$35억</td>
</tr>
<tr>
<td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>)</td>
<td>$24억 6천만</td>
</tr>
<tr>
<td>ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>)</td>
<td>$1억 1,700만</td>
</tr>
<tr>
<td>Goldman Sachs Physical Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAAU#NYSE">AAAU</a>)</td>
<td>$3억 490만</td>
</tr>
</tbody>
</table>
</figure>
이러한 대규모 유입 흐름은 광범위한 기관 및 소매 수요를 나타낸다. 골드만삭스 애널리스트 리나 토마스는 이번 랠리가 단기 투기 세력에 의해 주도되고 있지 않다고 말했다.
토마스는 "데이터에 따르면 투기적 흐름이 크게 회복되지 않은 상태에서 이러한 움직임이 발생했다&#8221;고 했다.
"COMEX 투기 포지션이 여전히 온건한 것으로 추정되는 가운데, 이번 랠리는 구조적으로 뒷받침되고 있으며 급격한 단기 청산 위험에 덜 노출된 것으로 보인다. 따라서 현재 수준을 전술적으로 매력적인 진입점으로 보고 있으며, 이는 연말 전망치인 3,700달러에 대한 상승 리스크를 강화한다고 생각한다.&#8221;
야데니 리서치의 대표인 에드 야데니는 현재의 금 모멘텀이 1년 전의 자신의 주장을 입증하고 있다고 말했다.
&#8220;2024년 2월 말 온스당 2,000달러를 돌파한 이후 금에 대해 강세를 보였다. 올해 말까지 4,000달러 목표가 점점 더 현실적으로 보인다. 그렇게 된다면 2026년 말에는 5,000달러가 목표가 될 것이다.&#8221;
더 골드 불리언 컴퍼니(The Gold Bullion Company)의 릭 칸다(Rick Kanda)는 이렇게 말했다. "이러한 상황은 많은 자산에 위기로 다가올 수 있지만, 금에 있어서는 완벽한 결과다. 미국 주식시장에서 수조 달러의 손실이 발생하고 투자자들이 주식이나 비트코인(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) 같은 위험 자산보다는 안전자산을 찾아 실물 금으로 기울면서 인플레이션에 대한 우려가 여전히 높다.&#8221;
<h3 class="wp-block-heading">금광업체들, 모멘텀 되찾다</h3>
이러한 금 랠리는 2024년 대부분의 기간 동안 실물 금괴가 부진했던 금광업체들도 끌어올리고 있다. 반에크는 월요일에 "금은 금 상장지수펀드에 대한 새로운 자금 유입과 글로벌 중앙은행의 지속적인 수요 강세에 힘입어 온스당 3,000달러를 넘어 사상 최고치까지 치솟았다&#8221;고 했다.
"동시에 금광업체는 금 가격에 대한 레버리지를 회복하기 시작하여 올해 지금까지 가장 실적이 좋은 주식으로 부상하고 있다."
VanEck Gold Miners ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>)는 연초 대비 52% 가까이 상승하며 2007년 펀드 출범 이후 가장 높은 연간 상승률을 기록했다.
금의 강력한 랠리에 대응하여 월요일 뱅크오브아메리카는 북미 금 및 은 관련 기업에 대한 목표주가를 올렸다.
이는 귀금속 부문의 1분기 실적 시즌을 앞두고 나온 조치로, 4월 23일에는 뉴몬트(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), 4월 24일에는 애그니코 이글 마인스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>)가 실적을 발표할 예정이다.
주요 종목의 새로운 목표주가는 다음과 같다.
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th>종목</th>
<th>새로운 목표주가</th>
<th>이전 목표주가</th>
</tr>
</thead>
<tbody>
<tr>
<td>애그니코 이글 마인스</td>
<td>$159</td>
<td>$142</td>
</tr>
<tr>
<td>배릭 골드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</td>
<td>$23</td>
<td>$19.50</td>
</tr>
<tr>
<td>킨로스 골드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>)</td>
<td>$17.50</td>
<td>$15</td>
</tr>
<tr>
<td>뉴몬트</td>
<td>$70</td>
<td>$60</td>
</tr>
<tr>
<td>B2골드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>$3.10</td>
<td>$2.75</td>
</tr>
<tr>
<td>센테라 골드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGAU#NYSE">CGAU</a>)</td>
<td>$6.50</td>
<td>$5.50</td>
</tr>
<tr>
<td>엘도라도 골드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGO#NYSE">EGO</a>)</td>
<td>$19.50</td>
<td>$17.25</td>
</tr>
<tr>
<td>아이엠골드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>)</td>
<td>$9.25</td>
<td>$7.75</td>
</tr>
<tr>
<td>SSR 마이닝 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>)</td>
<td>$9.75</td>
<td>$8.50</td>
</tr>
<tr>
<td>알라모스 골드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</td>
<td>$35</td>
<td>$30.50</td>
</tr>
<tr>
<td>뉴 골드(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)</td>
<td>$4.55</td>
<td>$4.10</td>
</tr>
<tr>
<td>팬 아메리칸 실버 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NASDAQ">PAAS</a>)</td>
<td>$32</td>
<td>$27</td>
</tr>
<tr>
<td>프랑코 네바다 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>)</td>
<td>$195</td>
<td>$165</td>
</tr>
<tr>
<td>로얄 골드 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>)</td>
<td>$183</td>
<td>$164</td>
</tr>
<tr>
<td>트리플 플래그 프레셔스 메탈스 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFPM#NYSE">TFPM</a>)</td>
<td>$27</td>
<td>$24</td>
</tr>
<tr>
<td>휘턴 프레셔스 메탈스 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>)</td>
<td>$100</td>
<td>$86</td>
</tr>
</tbody>
</table>
</figure>
사진: Shutterstock
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