ETF Trends
ETF Trends

Exchange traded funds (ETFs) that invest in gold and silver miner stocks were down more than 2% on Monday despite higher prices for the precious metals.

Global X Silver Miners ETF (NYSEArca: SIL), Market Vectors Gold Miners ETF (NYSEArca: GDX) and Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) were all down over 2% in afternoon trade.

At the same time, SPDR Gold Shares (NYSEArca: GLD) was fractionally higher and iShares Silver Trust (NYSEArca: SLV) jumped more than 1% on record trading volume. Nearly 170 million shares of the silver ETF had traded late in the session in volatile action.

Miner ETFs don’t always follow metal prices because the equity-based funds are also influenced by movements in the stock markets, among other factors.

Global X Silver Miners ETF

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

The opinions and forecasts expressed herein are solely those of John Spence, 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.