Silver exchange traded funds were up 4% in premarket trading Friday but the ETFs remain well below their 50-day moving averages after the big sell-off.
Precious metals ETFs were getting a boost from a weaker dollar.
The iShares Silver Trust (NYSEArca: SLV) rose 4% before the opening bell, while SPDR Gold Shares (NYSEArca: GLD) was up fractionally.
Gold has been performing relatively better than silver recently, pushing the gold/silver price ratio back up from multi-decade lows. A series of recent margin hikes from CME Group in silver futures has taken a tool on the metal. The silver ETF is down about 15% over the past month.
“Prices continue to be volatile but are up this morning as sustained inflationary concerns prompt investors to seek alternative value stores,” John Meyer at Fairfax told FastMarkets on Friday.
Full disclosure: Tom Lydon’s clients own SLV and GLD.