Gold and silver exchange traded funds fell sharply Tuesday as a rebound in global risk appetite helped push the Dow Jones Industrial Average to a 322-point gain.
SPDR Gold Shares (NYSEArca: GLD) declined 3.8% while iShares Silver Trust (NYSEArca: SLV) dropped 4.7%.
ETFs that invest in gold and silver miner stocks also lost ground Tuesday along with precious metals prices.
Gold and silver ETFs slipped following reports that Swiss investment bank UBS boosted its price targets on the metals. UBS now sees gold prices hitting $2,100 an ounce in three months, while its price target on silver is $50 an ounce, according to a report from MarketWatch. However, UBS added ?some volatile price moves?both to the upside and the downside?lie ahead.?
Gold prices have been pushed back after a brief foray above $1,900 an ounce to fresh record highs.
Some analysts have been warning of a gold correction following the recent price spike. There are also fears of additional margin hikes from exchanges to trade gold futures.
Precious metals prices could be volatile the rest of the week as markets await a key speech on Friday from Federal Reserve Chairman Ben Bernanke.
SPDR Gold Shares (GLD)
click to enlarge
iShares Silver Trust (SLV)
Max Chen contributed to this article.
Full disclosure: Tom Lydon?s clients own GLD and SLV.
Article source: http://seekingalpha.com/article/289433-gold-silver-etfs-tumble-in-stock-rally
Source: http://www.buygoldhere.net/?p=738
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