Gold and silver exchange traded funds rose Thursday and continued to trade in a range for the week as markets focused on U.S. economic data and the latest news from Europe on the debt crisis.
SPDR Gold Shares (NYSEArca: GLD) rose 1% in early trading while iShares Silver Trust (NYSEArca: SLV) gained about 3%.
Precious metals were rising with stock ETFs after U.S. second-quarter GDP was revised higher to 1.3%, while weekly jobless claims fell below 400,000.
In Europe, German parliament voted to expand the size of the European bailout fund, although more countries need to approve the move.
Volatility in gold and silver ETFs has risen dramatically in recent weeks, especially in gold. “Historical volatility – a measure of the wildness of price movements – and implied volatility – the cost of options, a measure of the market’s expectations for future price swings – have reached their highest since early 2009 for gold,” the Financial Times reported.
SPDR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD and SLV.
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