Gold & Silver ETFs close mixed today as investors await possible Fed intervention and Europe action
Gold and Silver ETFs including the SPDR Gold Trust ETF (NYSEARCA:GLD), the iShares Gold Trust ETF (NYSEARCA:IAU), the Market Vectors Gold Miners ETF Trust (NYSEARCA:GDX), the iShares Silver Trust ETF (NYSEARCA:SLV) and the Global X Silver Miners ETF (NYSEARCA:SIL) all closed mixed today as investors do not know where to place their money.
Gold and Silver are typically “safe haven” currencies for investors when “fiat” currencies such as the US Dollar (NYSEARCA:UUP) or Euro Dollar (NYSEARCA:FXE) appear to be failing. Lately, the spot prices for Gold and Silver have been rising amid European sovereign debt crisis concerns and a possible Greek bailout.
Today’s reported rumors that the Fed will buy nearly $1 Trillion worth of mortgage backed securities to help stimulate the economy did not help matters, as stimulus from the Fed might kick-start the economy, but further weaken the dollar. The IMF is also meeting today and tomorrow in Mexico City in efforts to raise an additional $600 billion for their bail out fund. With another possible QE3 and continued European fears, it seems that Gold and Silver ETF investors are waiting to see which direction is truly “safe.”
Gold ETF Update:
SPDR Gold Trust ETF (NYSEARCA:GLD): -0.38 (-0.24%)
iShares Gold Trust ETF (NYSEARCA:IAU): -0.04 (-0.25%)
Market Vectors Gold Miners ETF Trust (NYSEARCA:GDX): -1.09 (-2.05%)
Silver ETF Update:
iShares Silver Trust (NYSEARCA:SLV): +0.09 (0.30%)
Global X Silver Miners Trust ETF (NYSEARCA:SIL): -0.34 (-1.49%)
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