One of the biggest reasons investors have been flocking to gold exchange trade products, such as the SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL), this year is the perception of elevated market volatility, but when post-Brexit volatility ebbed, lifting equities in the process, some profit-taking was seen in gold.

That does not mean the yellow metal’s upside is limited. In fact, there are other bullish catalysts remain for gold and precious metals. Gold bullion prices have surged this year as the Fed previously signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment.

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Although investors are embracing gold ETFs, some argue that many remain under-allocated to the yellow metal and that the second half of this year could bring another wave of capital into ETFs like SGOL.

Some analysts still believe that is possible gold ascends to $1,500 per troy ounce. Gold bullion prices have surged almost 20% this year as the Fed previously signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment.

Related: 16 Glistening Gold ETFs Investors Should Follow

“Jonathan Krinsky, chief economist and market strategist at MKM Partners, gives two more reasons for gold to continue its run. The first lies with silver, which has surged 46 percent year to date and has outperformed gold over the past few months,” reports CNBC.

Year-to-date, silver has mirrored the surge in gold in response to ongoing market volatility. Silver has exhibited a correlation of over 80% to gold and typically moves in the same direction as the yellow metal but in larger movements.

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