Gold and silver exchange traded funds have meandered in a relatively narrow range in recent weeks but are looking for direction on the outcome of the confidence vote in Greece and any hints from the Federal Reserve this week on “quantitative easing.”
The precious metals ETFs were higher in midday trading Tuesday. In Greece, Prime Minister George Papandreou faces a confidence vote as the government tries to push through austerity measures in the debt-strapped country.
Greece defaulting on its debt would have potentially huge implications for European banks and global credit markets.
Also this week, markets will get the Fed statement on Wednesday. The central bank’s bond buying program ends this month. At Wednesday’s press conference, Fed chief Ben Bernanke will likely be hounded about the chances of a third round of quantitative easing, or QE3, or under what economic conditions the Fed would intervene again.