The iShares Silver Trust (NYSEArca: SLV) was up nearly 2% as metals prices continued their seemingly unstoppable rise Friday.
The bullion held by the silver exchange traded fund (ETF) has surged to a record this week with nearly 360 million ounces in its vaults. Silver futures have climbed over $40 an ounce as the dollar weakens.
Gold was trading above $1,470 an ounce on Friday. SPDR Gold Shares (NYSEArca: GLD) traded higher by nearly 1%.
“Gold continues to draw support from the ongoing geopolitical uncertainty … dollar weakness, elevated oil prices, concerns over inflation and …. Portugal’s request for financing from the European Union,” analysts at Barclays Capital wrote in a research note, MarketWatch reported.
iShares Silver Trust
SPDR Gold Shares, meanwhile, was trading above $143 a share for the first time in preopen trade Friday.
SPDR Gold Shares
For 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.