Gold mining stocks surged on December 9, 2024, driven by a combination of factors including a significant rise in gold prices and strategic corporate actions within the sector. The gold price hit a two-week high, bolstered by renewed purchases from China and geopolitical developments such as the collapse of the Syrian regime. This increase in demand for gold as a safe-haven asset has provided a strong tailwind for gold mining companies. Additionally, Newmont Corporation's announcement of a major corporate restructuring, aimed at optimizing its portfolio following the acquisition of Newcrest Mining, has further fueled investor optimism in the sector. This restructuring is seen as a move to enhance operational efficiency and capitalize on the current bullish gold market.
The MicroSectors Gold Miners 3x Leveraged ETN (GDXU) rose to $39.75, marking a 12.95% increase from the previous close.