NUGT is trading 7.6% down today as investors unwind bullish gold-miner exposure following a strong rally on July 30.
- A broader risk-on rotation into technology and growth stocks is pressuring defensive assets like gold miners as market sentiment shifts.
- Cooling inflation and Federal Reserve rate stability are supporting the move into growth-oriented sectors, reducing the appeal of defensive hedges.
- The leveraged nature of this ETF is amplifying the downside move as demand for gold-related exposure softens amid the market pivot.