We often talk about gold exchange traded funds (ETFs) and commodities in general as a safe haven for when the dollar drops, but silver is another precious metal that often gets overlooked.
The dollar dropped again on expectations that the Federal Reserve will not lower rates again this year and the fact that U.S. growth is slowing, reports the Associated Press. The market consensus has recently shifted away from predicting another interest rate cut because credit markets seemed to have loosened and volatility in the markets seems to have calmed. On that news, many commodities rose, including silver futures, which picked up 8.5 cents to end at $13.668 an ounce. One way to invest in silver is through the iShares Silver Trust (SLV). Currently, it’s up 4.1% year-to-date. Silver wasn’t alone in its rise today: Crude oil for November closed at $81.30 a barrel and gold gained $2.90 to settle at $746 an ounce.
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.