The iShares Silver Trust (NYSEArca: SLV) jumped nearly 2% in early action Monday with silver prices setting a fresh 31-year high.
Silver was trading north of $38 an ounce, driving the gold/silver ratio to another low since 1983.
Silver exchange traded funds (ETFs) have been outperforming gold lately as the precious metals’ price ratio has fallen to the lowest level in 27 years. [Silver ETFs outshine gold.]
SPDR Gold Shares (NYSEArca: GLD) rose almost 1%. Gold was trading close to $1,440 an ounce Monday morning, near its recent intraday record.
Demand for gold as an inflation hedge and turmoil in the Middle East and North Africa were helping to push gold prices higher, Dow Jones Newswires reported.
Meanwhile, the silver ETF was trading above $37 a share Monday.
For 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.