Silver ETFs Try to Break Out of Summer Slump
August 20th at 2:35pm by John Spence
Silver ETFs are trying to break out of the narrow range they’ve been stuck in the past few months during a consolidation period.
The metal ETFs have climbed above the 200-day exponential moving average after surrendering the technical indicator in March.
Investors in silver ETFs have viewed the recent price weakness as a buying opportunity. Metal holdings in silver-backed ETFs are rising back toward all-time highs. [Silver ETF Metal Holdings Climb Back Near Record]
Silver ETFs hold more than $16 billion worth of the metal.
The iShares Silver Trust (NYSEArca: SLV) was up 1.1% year to date as of Aug. 17. The ETF rallied 2.5% on Monday.
Gold and silver ETFs could see action Wednesday after the release of the minutes from the last Federal Reserve meeting. Investors will be looking for any hints the central bank plans to unleash more quantitative easing.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV.
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