Gold and silver exchange traded funds were moving in opposite directions Tuesday morning as markets awaited the Federal Reserve statement on the economy and interest rates.

SPDR Gold Shares (NYSEArca: GLD) rose 1.7% while iShares Silver Trust (NYSEArca: SLV) declined 2.5%.

Gold ETFs have advanced more than 20% so far this year. [Gold ETFs Rally]

Silver and other metals with industrial applications have been under pressure lately on economic concerns while gold prices have marched steadily higher. The silver ETF is testing its 50-day moving average.

Silver miner stocks have also fallen sharply. Global X Silver Miners ETF (NYSEArca: SIL) tumbled more than 7% in Monday’s global sell-off.

ETFs tracking miner stocks can behave differently than funds indexed to physical gold prices.

Global X Silver Miners ETF

iShares Silver Trust

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own SLV and GLD.

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.