Exchange traded funds tracking gold and silver slipped in Monday’s premarket trading while the euro also weakened on worries over the Eurozone debt fracas.
Metals ETFs were on track for a lower start to the week as credit default swaps on Greek, Irish, and Portuguese debt signaled lingering debt concerns.
SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) both declined in premarket trading.
“Pressure on the euro and weaker equities mean that gold is flying into a headwind as we start the week,” a trader told FastMarkets.com. “Silver looks the weakest of the group, hindered by weakness in gold, and also by growth concerns and weakness in copper on China concerns.”
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own GLD and SLV.
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.