NUGT ETF Down 44% in 3 Days Since I Predicted its Downfall

The drop in the shares of the Direxion Daily Gold Miners Bull 3X ETF (NYSE: NUGT) had already been precipitous since August, but 3 trading days ago I said buying it (even here) could be akin to catching a falling knife. The Direxion Daily Gold Miners Bull 3X ETF (NYSE: NUGT) was down 61% since August 12, on a somewhat steady drop to the close of $19.35 for the levered ETF the day before I published. But I presciently wrote that it would fall further. In the 3 days since, it collapsed 44%. I said that based on my outlook for gold, buying it now could be akin to catching a falling knife. In my also prescient and profitable report, Gold Breakdown, I estimated the SPDR Gold Trust (NYSE: GLD) and gold prices could slip 11% or more to a target of $105 to $95. See my report on the NUGT ETF here.