Published on 10 Apr 2024 on Zacks via Yahoo Finance
Gold has been shining in recent months, with its price hitting a series of new all-time highs driven by increased geopolitical tensions, the possibility of a rate cut, Chinese economic woes and central bank buying. The bullion is up nearly 18% since mid-February to more than $2,350 per ounce, with many analysts expecting a bigger boost in the months ahead (read: Should You Buy Gold ETFs Now?).Bank of America expects the yellow metal to climb to $3,000 per ounce by the next year. As a result, investors who are bullish on gold right now may want to consider a near-term long on the precious metal. Fortunately, with the advent of ETFs, there are several options in the leveraged gold and gold mining space to make quick profits, as these could see huge gains in a very short time frame compared to simple products.These include ProShares Ultra Gold ETF UGL, DB Gold Double Long ETN DGP, Direxion Daily Gold Miners Index Bull 2X Shares NUGT, Direxion Daily Junior Gold Miners Index Bull 2x Shares JNUG and MicroSectors Gold Miners 3X Leveraged ETN GDXU.
Geopolitical Tension
Geopolitical tensions have been on the rise in the wake of the Russia-Ukraine war, the Israel-Hamas conflict and the increasing risks of China’s invasion of Taiwan. Gold is considered a store of wealth for investors. It is often used as a means of preserving wealth during times of financial and political uncertainty and usually does well when other asset classes struggle.