“Stronger economic data and a strengthening US dollar weighed on precious metals prices last week offsetting some of the geopolitical premium. Gold declined 1.0% returning below US$1,300/oz. and silver kept true to its ‘leveraged gold’ tendency declining 2.3%, but remaining above the much watched US $20/oz. level,” said ETF Securities.
The iShares Silver Trust (NYSEArca: SLV) lost almost $16 million in assets last week. However, SLV and the rival ETFS Physical Silver Shares (NYSEArca: SIVR) have surged more than 10% since the start of June. [A Cool Summer for Silver ETFs]
SPDR Gold Shares
ETF Trends editorial team contributed to this post. Tom Lydon’s cliens own shares of GLD.