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.