Direxion Daily Gold Miners Bull 2X (NUGT)

[DownWithPumpers]

Everyone is expecting a rate hike so of it is a hike that should be baked into the price of miners already.

The problem is that miners are so much higher now than they were when gold prices were higher earlier in the year (early February for example). There's already lots of enthusiasm baked into gold stock prices.

GDX is 21.40 today. It was 21.40 on April 8th.

On April 8th gold was at 1235. Today it's at 1165.

It's like a 70 dollar drop in the gold price meant nothing to gold stocks.