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.