On August 20, MicroSectors Gold Miners 3x Leveraged ETN rose 8.52% in regular trading, trading at $171.72/share, with turnover of $203 million. The product is a 3x leveraged long gold miners ETN, with gains in the underlying gold mining sector significantly amplified through the leverage mechanism.

On the news front, the US Treasury announced it would at least double the scale of liquidity support buyback operations for 10-year to 30-year treasuries. The announcement triggered a sharp decline in long-term bond yields, with the 30-year treasury yield falling notably, while the dollar index dropped to its lowest level since late May. The combination of lower yields and a weaker dollar directly reduced the opportunity cost of holding gold, propelling spot gold to break through the $4500/oz level with a single-day surge exceeding 4.3%.

Market analysis noted that while gold had previously failed to sustain above $4500 on multiple attempts, the Treasury's policy action provided a decisive catalyst. Deutsche Bank maintains that gold's fifth explosive rally phase that began in 2024 remains intact, supported by central bank purchases and ETF inflows, with a year-end target range of $4700-$5100/oz.

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