Exchange traded funds indexed to gold and silver prices were poised to open higher Tuesday after trading lower in recent sessions on deflation concerns.
In premarket trading, SPDR Gold Shares (NYSEArca: GLD) added 0.9% while iShares Silver Trust (NYSEArca: SLV) rose 2.3%.
Gold prices climbed back above $1,600 an ounce but is on track for its first quarterly pullback since 2008.
In currencies, the euro strengthened after the European Central Bank was seen supporting bond markets through the International Monetary Fund.
“Gold is gaining in line with risk-buying on the back of the IMF news,” said Nikos Kavalis, an analyst at Royal Bank of Scotland Group, in a Bloomberg report. “There has been some recovery in physical buying but nothing to write home about yet.”
Here’s a look at the top ETF stories making the rounds online this morning:
- Nine things we learned about ETFs in 2011. [Morningstar]
- Tuesday’s ETF to watch: homebuilders. [ETFdb]
- Best and worst ETFs of 2011. [Bloomberg]
- Pros and cons of ETFs. [Investopedia]
- Global X to Liquidate 8 ETFs. [PRNewswire]
- Best ETFs for a Santa Claus Rally. [Globe and Mail]
- Gold ETFs vs. gold stocks. [CityWire]
- Treasury ETF Rally Points to Safety Trade, Deflation. [ETF Trends]
- S&P 500 ETFs Cling to 50-Day Average. [ETF Trends]
SPDR Gold Shares
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.