Meanwhile, silver ETF holdings have actually increased 6% so far this year.
“We never had the ETF decline in the silver – that has allowed silver to be a springboard,” said James Steel, precious metals analyst at HSBC, in the article.
The chart below shows the relative performance of the silver ETF (SLV) versus the gold ETF (GLD). Silver leading gold is seen as a bullish sign for precious metals. [Silver ETF’s 20% August Rally Beats Gold]
Full disclosure: Tom Lydon’s clients own SLV and GLD.
