On September 2, MicroSectors Gold Miners 3x Leveraged ETN rose 9.68% in regular trading, trading at $157.31/share, with turnover of $81.01 million. The rebound followed softer-than-expected manufacturing data that tempered market expectations for a Fed rate hike restart.
The ISM manufacturing index retreated to 54.6, signaling a deceleration in expansion momentum. This weakened the case for imminent monetary tightening, casting doubt on the sustainability of the recent yield rally. Gold stabilized near $4,366/oz after sharp losses in prior sessions, providing a floor for underlying mining equities to stage a technical recovery. The ETN had previously plunged over 20% across two consecutive sessions after Fed Chair Waller delivered hawkish remarks, making it ripe for a snapback. Under its 3x leveraged structure, a roughly 3% rebound in the underlying gold miner basket translated into the observed near-10% gain in the ETN.
Looking ahead, upcoming non-farm payrolls and employment data will be pivotal in shaping rate hike expectations and the near-term direction of gold prices.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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