Metals exchange traded funds (ETFs) were golden today as the dollar lost ground.
Gold futures rose to their highest level in a week as the euro gathered steam, reports Alan Fein for Axcess News. Silver futures also jumped more than 6%.
A question many people are asking is whether the dollar is going to turn things around soon. Federal Reserve Chairman Ben Bernanke said last week that they’re done cutting interest rates are are ready to defend the dollar. Will their defense of the greenback be enough?
Among the funds that rose in trading were:
- iShares Silver Trust (SLV): up 11.1% year-to-date
- SPDR Gold Shares (GLD): up 4.2% year-to-date
- PowerShares DB Gold (DGL): up 2.5% year-to-date
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.