Stock Market Watch

Gold and Silver Prices Remain in Green

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Gold and silver prices are holding on to their gains in late trading. Despite today’s gains, gold is headed for its fourth straight weekly loss.

At last check, spot gold was trading 1.17% higher at $1,664.06 an ounce.


Gold ETFs are also higher in trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was trading 1.35% higher at $161.70, the Market Vectors ETF Trust (NYSE: GDX) was trading 2.65% higher at $50.04, and the iShares Gold Trust (ETF) (NYSE: IAU) was trading 1.31% higher at $16.22.

Earlier in the week, ETP holdings hit a record of 70.9 million ounces, however, the outflows of the past two days have wiped out all of the build-up that taken place this month.

UBS strategist Edel Tully said in a research note that yesterday’s decline was the largest outflow since the beginning of the year which pushed this month’s net position into negative territory; month-to-date, global ETFs have fallen 155koz. Tully said that this now raises the question of whether this is the beginning of a much more substantial exit.

Spot silver is currently trading 2.16% higher at $32.23.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 2.59% higher at $31.33, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 5.18% higher at $54.40, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 5.34% lower at $10.64.

 

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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