ETF Trends
ETF Trends

Exchange traded funds (ETFs) that invest in precious metals were set to open sharply higher Monday as silver prices jumped more than 6% to almost $50 an ounce.

Silver was trading near levels not seen since 1980 when the Hunt brothers tried to corner the market.

“Everyone is buying,” a Hong Kong-based dealer told Reuters. “There is stop-loss buying, as well as a good buying interest from China.”

Holdings in the largest silver ETF, iShares Silver Trust (NYSEArca: SLV), have risen 2.4% so far this year, according to the report. The silver ETF has about $16.6 billion in assets and roughly 358.5 million ounces of silver, according to manager BlackRock.

Gold futures, meanwhile, were up nearly 1% Monday morning to a new record high.

The silver ETF has jumped more than 70% over the past three months, while SPDR Gold Shares (NYSEArca: GLD) was up 12% for the three months ended April 20, according to Morningstar.

iShares Silver Trust


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

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.