Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Daily Gold Miners Bull 3x Shares (AMEX: NUGT) where we have detected an approximate $72.4 million dollar inflow — that’s a 19.4% increase week over week in outstanding units (from 59,400,001 to 70,900,001).
The chart below shows the one year price performance of NUGT, versus its 200 day moving average:
Looking at the chart above, NUGT’s low point in its 52 week range is $5.55 per share, with $26.70 as the 52 week high point — that compares with a last trade of $6.02. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique —
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“Sentiment is the worst we have seen it in recent years and therefore is due a bounce,” said Mark O’Byrne, the executive director of Dublin-based GoldCore Ltd., a brokerage that sells and stores bullion coins and bars. “Gold is oversold on a host of benchmarks.”
There are signs demand is improving. Physical buying from India, the biggest gold consumer, has been above-average “lately,” UBS AG said on Feb. 27. Average volumes this year on the Shanghai Gold Exchange’s benchmark contract have been more than double last year’s levels, data compiled by Bloomberg show. Indian and Chinese demand will rise at least 11 percent this year, the London-based World Gold Council said Feb. 14.
The U.S. Mint sold 80,500 ounces of American Eagle gold coins in February, data on its website show. While that’s less than the 150,000-ounce total in January, it’s 28 percent more than last year’s monthly average. Central banks added 534.6 tons to reserves last year, 17 percent more than in 2011, and will be “strong” buyers this year, the World Gold Council estimates.
