Gold and Silver ETFs Lower on Europe, Data
September 15th at 9:19am by Tom Lydon
Gold and silver exchange traded funds lost ground on Thursday due to improved sentiment over Europe’s sovereign debt crisis and as markets digested several U.S. economic reports.
SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) were down 2% in premarket trading. Gold prices fell below $1,800 an ounce. [Gold ETFs Consolidate]
ETFs that track European stocks rose Thursday after the leaders of Germany and France said they are committed to keeping Greece in the Eurozone. A conference call Wednesday helped alleviate fears that Greece will default on its debt. [Europe ETFs Rise After Leaders Soothe Nerves Over Greece]
“This has helped stabilize the markets a little, and has left gold with fewer buyers,” a trader told Dow Jones Newswires.
The gold ETF is up about 28% year to date.
In U.S. economic data Thursday, weekly jobless claims remained above 400,000. On the inflation front, consumer prices rose 0.4% in August, hotter than expected.
SPDR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD and SLV.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.