Silver ETFs Sell Off After GDP Revised Higher
December 20th 2012 at 9:23am by John Spence
Silver exchange traded funds fell sharply in early trading Thursday after U.S. third-quarter economic growth was revised higher by the Commerce Department.
Silver and gold ETFs were weak on speculation the improved growth will make additional Federal Reserve stimulus less likely.
The iShares Silver Trust (NYSEArca: SLV) was down 2.7% in premarket action while SPDR Gold Shares (NYSEArca: GLD) slipped nearly 1%.
Third-quarter GDP growth was revised higher to 3.1% from the most recent estimate of 2.7%. It was the best growth rate since the fourth quarter of 2011.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own GLD and SLV.
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