Exchange traded funds (ETFs) were poised to open higher in the U.S. on Thursday, one day after they rallied as the Federal Reserve signaled it will stick to an easy monetary policy.
Gold futures were trading above $1,530 an ounce in morning action to a new record high.
SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) were up fractionally before the bell.
“The prospect of low interest rates and higher inflation expectations in the US, coupled with ongoing issues such as increasing euro zone debt concern and Mena unrest continue to create a bullish environment for bullion,” said analyst James Moore at FastMarkets.
The silver ETF jumped nearly 4% on Wednesday after the Fed statement on rates and has gained roughly 80% over the past three months.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV and GLD.
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.