Gold has had a strong run in 2025, benefiting miners in the process. But does the rally still have legs or will it slow down to a proverbial crawl? Either way, Direxion has four ETFs that can cater to either scenario.

A recent Direxion Xchange newsletter reiterated gold’s rally this year that’s been highlighted by heavier demand due to various macro factors. In addition to falling interest rates, a weaker dollar, and central bank buying, the “debasement trade” is also adding an additional catalyst that skews towards bullishness. A confluence of these factors make for ideal plays in the Direxion Daily Gold Miners Bull 2X ETF (NUGT) as well as the Direxion Daily Jr Gold Miners Bull 2X ETF (JNUG).

Gold miners give traders an opportunity to benefit from the rally indirectly. With a higher demand for gold, this benefits sub-industries like mining and production. NUGT seeks daily investment results that doubles the exposure to the NYSE Arca Gold Miners Index. JNUG tracks the MVIS Global Junior Gold Miners Index for exposure to micro-, small- and midcap companies that generate revenue from mining or similar activities.

NUGT provides exposure to all market capitalizations for general broad-based exposure while JNUG is an obvious play for traders looking to take advantage of small-cap moves. With additional rate cuts coming, that could also benefit small-cap stocks that rely heavily on debt to finance their operations. Lesser debt servicing costs could lead these small-cap stocks to outperform, but do carry a higher degree of volatility. Traders who don’t mind the heavier market fluctuations will appreciate JNUG.

The Flip Side of Miners

Of course, every trade has two sides. With gold running hot in 2025, every rally eventually reaches an apex and subsequent deceleration.

“After huge gains in 2025, further weakness to digest the gains wouldn’t exactly come as a surprise,” the Xchange newsletter said, adding that the rally could also be stifled by an unsurprisingly hawkish Fed if economic data contrasts the push towards rate cuts or operational/geopolitical factors related to “disruption risks, including royalty hikes, safety issues, and permitting delays.”

Fortunately, Direxion offers the Daily Gold Miners Index Bear 2X Shares (DUST) and the Daily Junior Gold Miners Index Bear 2X Shares (JDST). Both funds take the opposite direction of NUGT and JNUG, giving traders optionality for profitable opportunities to exploit if the gold rally fizzles.

For more news, information, and strategy, visit the Leveraged & Inverse Content Hub.