The Wretched Miners

Normally, a leveraged ETF looks something like the chart below: no matter what ups and downs are taking place, it grinds itself inexorably down to zero. This particular chart is DUST, which is the leveraged bet against precious metals miners.

For the past half year, however, DUST has been fighting its way higher, which is stunning for a leveraged ETF. That’s just illustrates what a crappy investment precious metals have been for the past six months.

I’d hasten to add I don’t think miners are anywhere close to being done selling off. There’s probably months more of this to come.