SPDR Gold Shares (NYSEArca: GLD) was up 2.5% before Thursday’s opening bell as gold futures nearly touched $1,300 an ounce at one point. The iShares Silver Trust (NYSEArca: SLV) jumped 3.8%.
“We presume that the strong reaction of the precious metal markets is also related to the fact that investors believe that the Fed’s actions and attitude do not differ significantly from those of the ECB or BoJ,” said Commerzbank analysts in a MarketWatch report. “This is likely to prompt investors to increasingly seek a ‘safe haven’ and a currency that is independent of the central banks, thus again luring in buyers of gold.”
Gold ETFs were bouncing Thursday after losing more than 20% in the second quarter. Bullion-backed ETFs listed around the globe also saw record quarterly outflows. [Gold ETFs Suffer in Q2]
Full disclosure: Tom Lydon’s clients own GLD and SLV.