To The Moon

Today, spot gold briefly fell below the key $5,000 level, touching around $4,967 at the session low, with an intraday decline close to 1%. Prices later rebounded slightly but continued to hover near the $5,000 mark.

From a one-day performance perspective, gold-related ETFs also declined broadly. The largest gold ETF $黄金ETF-SPDR(GLD)$ fell 1.29%, $黄金信托ETF-iShares(IAU)$ dropped 1.33%, and the lower-fee $SPDR Gold MiniShares Trust(GLDM)$ declined 1.31%. Gold mining ETFs experienced steeper losses, with $黄金矿业ETF-VanEck(GDX)$ down 6.08% and $小型黄金矿业ETF(Market Vectors)(GDXJ)$ down 5.82%. Leveraged products were the most volatile, with the triple-leveraged gold miners ETF $MicroSectors Gold Miners 3x Leveraged ETN(GDXU)$ plunging 17.87% and the double-leveraged $二倍做多黄金矿业指数ETF-Direxion(NUGT)$ falling 11.87%.

From March 14 to March 15, tensions in the Middle East escalated again. The United States launched strikes on Iran’s main oil export hub, after which Tehran carried out retaliatory attacks on energy infrastructure across several Persian Gulf countries. As the conflict entered its third week, shipping activity through the Strait of Hormuz nearly stalled. This strategic waterway typically handles about one-fifth of global oil and liquefied natural gas transportation.

As supply risks increased, international oil prices rose noticeably after the weekend. Markets began reassessing future inflation expectations, as higher energy prices could push consumer costs higher. At the same time, the surge in energy prices weakened earlier expectations that the Federal Reserve might cut interest rates. In an environment where interest rates may remain elevated, gold, which does not generate interest income, has come under short-term pressure.

On March 15, US President Donald Trump said that Iran wants to reach a deal but that Washington is seeking better terms. A White House adviser also indicated that the conflict could last four to six weeks. Meanwhile, Iran stated that it had not requested negotiations or a ceasefire. With both sides sending mixed signals, geopolitical uncertainty in the region remains high.

At the same time, macro positioning has begun to diverge. Oil prices have continued to strengthen, while gold’s momentum has slowed. Some macro funds have started trimming gold positions and increasing exposure to energy assets. With a stronger US dollar and rising Treasury yields, short-term volatility in the precious metals market has increased.

Related ETFs:

For physical gold ETFs, $黄金ETF-SPDR(GLD)$ is the largest gold ETF in the world, with assets of about $173.7 billion and an expense ratio of 0.40%. $黄金信托ETF-iShares(IAU)$ manages about $79 billion with a 0.25% fee, while $SPDR Gold MiniShares Trust(GLDM)$ oversees about $32.4 billion and charges just 0.10%. All three track gold prices by holding physical bullion and are among the most widely used tools for gold exposure.

Among gold mining ETFs, $黄金矿业ETF-VanEck(GDX)$ manages about $29.3 billion with a 0.51% expense ratio and focuses on large global gold mining companies. $小型黄金矿业ETF(Market Vectors)(GDXJ)$ oversees about $9.6 billion and charges the same 0.51% fee but concentrates on smaller mining firms, which typically leads to greater price volatility.

For leveraged exposure, $MicroSectors Gold Miners 3x Leveraged ETN(GDXU)$ provides triple-leveraged long exposure to gold miners with assets of about $1.9 billion and an expense ratio of 0.95%. $二倍做多黄金矿业指数ETF-Direxion(NUGT)$ offers double-leveraged exposure with roughly $1.16 billion in assets and a 1.13% fee, amplifying the daily movements of gold mining stocks.

In contrast to the decline in gold prices, inverse gold ETFs rose noticeably. The triple-inverse miners ETN $MicroSectors Gold Miners -3x Inverse Leveraged ETN(GDXD)$ jumped 17.93%, managing about $110 million with a 0.95% expense ratio. The double-inverse miners ETF $二倍做空黄金矿业指数ETF-Direxion(DUST)$ gained 11.91%, with roughly $93 million in assets and a 0.93% fee.