ETF Trends
ETF Trends

Exchange traded funds (ETFs) that hold gold and silver rose Wednesday after the Federal Reserve said it would keep its benchmark interest rate near zero, adding its bond-buying program would end on June 30 as planned.

SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) moved higher after the Fed statement. However, the bigger event of the day is likely the first-ever press conference by Fed Chairman Ben Bernanke.

The Fed on Wednesday said the economic recovery is proceeding at a moderate place and overall conditions in the labor market are improving gradually.

“Inflation has picked up in recent months, but longer-term inflation expectations have remained stable and measures of underlying inflation are still subdued,” according to the statement.

Full disclosure: Tom Lydon’s clients own GLD and SLV.

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