Trading action was fast and furious Wednesday morning in the Direxion Shares Exchange Traded Fund Trust (NYSE:DUST), a tripled-leveraged inverse ETF that offers the ability to bet against gold mining stocks. DUST gained $0.60 (9.98%) to 6.61 in midday trading, signaling a big uptick in bearish sentiment.
Note that DUST has gotten absolutely killed this year, with many mining stocks up over 100% since the start of 2016.
The tables may well be turning now, however. With gold prices facing pressure amid a strong equities rally, and miners facing stiffer royalties from world governments, DUST could be on its way to shaking off its massive yearly losses.
Just make sure you keep your eyes glued to DUST if you do decide to trade it — the shares are prone to incredibly wild swings.