Metals exchange traded funds for silver and gold were set to rise Wednesday, but investors have been yanking money from these ETFs amid their recent decline.
The iShares Silver Trust (NYSEArca: SLV) was up nearly 2% before the bell.
“With the volatility in commodities, it should be no surprise that [ETF] flows there are strongly negative for the quarter,” said Nicholas Colas, ConvergEx Group chief market strategist, in a note Wednesday.
He said the category has seen $2.2 billion of outflows so far in the second quarter, while SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust have both lost over $900 million in assets.