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:
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.