Bank of America is no fan of gold either as the bank slashed its 2013 forecast on the yellow metal 12% to $1,478 an ounce. J.P. Morgan and Bank of America join Goldman Sachs, BNP Paribas, Credit Suisse, Societe Generale and Citigroup among the banks that have pared their price targets on gold in recent weeks.
In the past month, SLV is down 8.2% while GLD is off 6%.
iShares Silver Trust
ETF Trends editorial team contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD and SLV.