On September 11, MicroSectors Gold Miners 3x Leveraged ETN rose 8.28% in pre-market trading, trading at $157.9/share, with turnover of $21.6034 million. The rally was driven by bullish calls from two major investment banks combined with historic ETF inflows into gold.

Goldman Sachs reiterated its year-end spot gold target of $4,900 per ounce, identifying $4,000 as a solid floor and recommending building long positions near that level ahead of the Fed rate decision. JPMorgan raised its Q4 average gold price forecast to $4,500 per ounce. Both banks characterized the current gold market as being in the middle of a bull cycle. Meanwhile, global gold ETF inflows in August reached $18 billion, the second-largest single-month inflow on record, with North American and European funds leading the buying, providing upward momentum for gold prices. Additionally, a World Gold Council survey indicated nearly 90% of central banks expect official gold reserves to continue growing over the next 12 months, with 45% planning to increase holdings. These multiple tailwinds triggered a technical rebound in gold mining stocks, with the three-times leverage amplifying the gain significantly.

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