--- title: "Weekly Recap | NUGT.US -11.3%, leverage amplifies the slide" type: "News" locale: "en" url: "https://longbridge.com/en/news/300840934.md" description: "NUGT fell 11.3% this week to close at $147.01, lagging the S&P 500 by about 11.03 percentage points. The week was mostly soft: Monday opened lower and recovered modestly, Tuesday briefly bounced to $151.79, but Wednesday touched $154.01 before fading. Thursday dropped to an intraday low of $143.06, and Friday traded between $142.50 and $150.25 before settling at $147.01. That compares with $165.74 a week earlier." datetime: "2026-10-03T04:40:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/300840934.md) - [en](https://longbridge.com/en/news/300840934.md) - [zh-HK](https://longbridge.com/zh-HK/news/300840934.md) generator: "portal-rs" --- # Weekly Recap | NUGT.US -11.3%, leverage amplifies the slide ## The Week NUGT fell 11.3% this week to close at $147.01, lagging the S&P 500 by about 11.03 percentage points. The week was mostly soft: Monday opened lower and recovered modestly, Tuesday briefly bounced to $151.79, but Wednesday touched $154.01 before fading. Thursday dropped to an intraday low of $143.06, and Friday traded between $142.50 and $150.25 before settling at $147.01. That compares with $165.74 a week earlier. ## VanEck Gold Miners ETF This Week The underlying VanEck Gold Miners ETF (GDX) lost 5.48% on the week to close at $87.78. GDX opened at $88.16, edged up to $89.07 on Tuesday, then marked an intraday high of $89.755 on Wednesday before turning lower. Thursday saw a low of $86.48 and Friday touched $86.33, with the close at $87.78. Against the S&P 500’s -0.27%, GDX was clearly weaker. ## Leverage & Decay NUGT tracks 2x the daily move of GDX, not 2x the weekly move. With GDX down 5.48% for the week, a daily 2x replication would imply around -10.96%, while NUGT actually fell 11.3%, a gap of about -0.34%. That gap comes from daily rebalancing: in a one-way trend the drag is modest, but choppy two-way action widens the deviation. Holding it for a week does not produce exactly twice the underlying return. ## VanEck Gold Miners ETF News M&A dominated the gold miner conversation this week. On Monday Northern Star rejected Gold Fields’ A$38.7 billion takeover approach as undervalued. Gold Fields then laid out a proposal of 0.3125 shares plus A$7.25 cash per Northern Star share, saying a combination would form the world’s number-two gold producer and unlock $4-5 billion in synergies. While bullion slipped, US-listed gold miners came under pressure, with Wheaton Precious Metals and Franco-Nevada down around 5% to 8% on individual days. ## The Week Ahead The week ahead is mostly about watching GDX. On the macro side, Monday brings the final S&P Global Services PMI (prior 58.7) and ISM non-manufacturing PMI (prior 55.4, forecast 55). Tuesday includes international trade data (prior -$88.6, forecast -$102) and goods trade balance (prior -$132.6). Wednesday has EIA weekly crude inventories. Any shift in rate expectations or the US dollar could feed through to gold miners. ## In Short NUGT and GDX moved lower together this week, with the heaviest damage on Wednesday and Thursday as bullion slipped and miner sentiment cooled. GDX lost 5.48%, and NUGT amplified that to -11.3% while daily rebalancing added roughly -0.34% of extra drag. The key questions ahead are whether gold stabilises and how next week’s macro data shifts rate expectations. *This article is generated by LongbridgeAI from market data, for information only and not investment advice.* ### Related Stocks - [NUGT.US](https://longbridge.com/en/quote/NUGT.US.md) ## Related News & Research - [Swedbank AB Decreases Holdings in Newmont Corporation $NEM](https://longbridge.com/en/news/285530631.md) - [Agnico Eagle Greenlights $2.4 Billion Hope Bay Mine With 400,000-Ounce Annual Gold Output Target](https://longbridge.com/en/news/286959549.md) - [Constellation Brands Stock Forecast: Beer Demand Faces a Key Q2 Earnings Test](https://longbridge.com/en/news/300859275.md) - [If I Could Only Buy 1 Space Stock for the Next Decade, It Wouldn't Be SpaceX or Rocket Lab](https://longbridge.com/en/news/300850222.md) - [Teradyne Stock In Focus After New Memory And MicroLED Test Platform Launches](https://longbridge.com/en/news/300837816.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**