Gold Miner Index ETF DUST Plunges 13% as GDX Surges on Q2 Earnings

The Direxion Daily Gold Miners Index Bear 2X Shares (DUST) has plummeted by 13% in Friday's session, as gold miners continue to surge higher. The underlying VanEck Gold Miners ETF (GDX) is up 7%, driven by blowout Q2 earnings from major names and record-high gold prices.

Newmont reported on July 23 with EPS beats on realized gold prices over $4,400 an ounce, while Agnico Eagle Mines followed on July 30 with similar results. Both companies guided to a gold price assumption around $4,500 an ounce, which would translate into record free cash flow.

DUST's decline extends its brutal run, down 18% over the past week and 22% over the past month. The fund has lost a staggering 75% of its value over the past year, while GDX is up 203% over the same period.