“You really need Europe to switch into neutral instead of reverse to get any kind of excitement about commodities,” John Stephenson, portfolio manager at First Asset Investment Management Inc., told Bloomberg.
Other exchange traded products in the agriculture sector such as iPath Grains ETN (NYSEArca: JJG) have pulled back recently with corn prices.
“You’ve got the agricultural sector coming off the drought-distorted pricing,” said James Paulsen, chief investment strategist at Wells Capital Management, in the report. “Some of those prices are starting to come back to earth, keeping commodity-price trends somewhat depressed.”
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV and GLD.