Gold and silver exchange traded funds have been relatively quiet in recent weeks although technically the precious metal ETFs are trending slightly downwards with a series of lower highs.
For the three months ended April 27, SPDR Gold Shares (NYSEArca: GLD) was down 4.5% while iShares Silver Trust (NYSEArca: SLV) lost 7.9%, although both funds are in positive territory for the year-to-date period, according to Morningstar.
The Federal Reserve meeting last week was “largely a non-event for precious metals, offering no additional hints on the possibility of another round of quantitative easing,” said ETF Securities analysts Martin Arnold and Nicholas Brooks in a note Monday. “However, policymakers maintained their call for ‘exceptionally low levels for the federal funds rate at least through late 2014.’”.
“Gold is trading a tight range, constrained by the conflicting forces of surging global liquidity and Eurozone sovereign troubles on one side and a strong dollar and weak physical demand from India on the other,” the analysts said. [Gold ETFs and India]
On Monday afternoon, gold prices were hovering around $1,665 an ounce, while silver stood at $31 an ounce. [Spain ETF Falls on Recession, Bank Downgrades]