Metal ETFs Suffer on Terrorism
August 11th at 1:30am by Tom Lydon
With today’s news of a foiled terrorist plot on airlines, metal prices fell and brought the exchange traded funds with them. Since mid-June the metals have been quite the performers. iShares Silver Trust (SLV) is up 30% and streetTracks Gold (GLD) is up 16%. But the ETFs suffered today and SLV lost 3.2% and GLD lost 2.1%. The ETF, Market Vectors Gold Miners (GDX) was up 26% since mid-June and lost 2% today.
Even though metals have been volatile, this downturn was a bit puzzling as gold is usually considered the safe haven. Perhaps once the situation sinks in investors will look to gold.
Here’s a look at SLV over the last three months:
