NUGT, the 2x leveraged gold miners ETF, is trading lower as gold-mining shares and the underlying gold-miners index weaken, with leverage magnifying the downside move. Despite broad U.S. equity indices trading higher, precious-metals and miner stocks are underperforming, likely reflecting reduced demand for defensive assets as geopolitical tensions ease and risk appetite improves, which pressures leveraged gold-miner products like NUGT.