Silver exchange traded funds were down 3% Friday morning as metals ETFs slipped along with global stocks as investors moved into the safety of the U.S. dollar and Treasury bonds.
The iShares Silver Trust (NYSEArca: SLV) slid more than 3% at last check while SPDR Gold Shares (NYSeArca: GLD) dropped 1%.
In currency markets, the euro weakened as investors continued to focus on Greece and the Eurozone debt crisis.
European Central Bank President Jean-Claude Trichet on Thursday said strong vigilance against inflation was needed, raising expectations of a rate hike.
“Gold seems to be stuck in a range, but there is also a little bit of profit-taking going on,” a Hong Kong-based trader told Dow Jones Newswires.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own GLD and SLV.
The opinions and forecasts expressed herein are solely those of Tom Lydon, 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.