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.
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