Gold mining stock ETFs fell by three to four percentage points, Newmont Mining, Chifeng Gold, and E Fund Gold Mining ETF all dropped by two to three percentage points. Gold miners as a whole retreated today; ChinaAMC Digital Gold basically didn't move. The pressure comes from a strong US dollar—the US Dollar Index reached about 99.4, a two-month high, putting pressure on gold pricing. As leveraged proxies for gold prices, miners fell more than the metal itself. The safe-haven premium in this round of gold was squeezed out first in the face of a strong dollar. The elasticity of miners is a double-edged sword at this time: they surge sharply when gold prices rebound, and also fall deeper when they pull back.
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