Pacer ETFs President Sean O’Hara discusses the benefits of ETFs and reveals his favorite investments on ‘The Claman Countdown’.
Silver crossed $50 an ounce for the first time on Thursday amid supply shortage and an economic environment that is boosting the precious metal.
silver spot It briefly rose above $51 an ounce during Thursday’s trading session after breaking above the $50 an ounce mark earlier in the day. It has since fallen below $49 a share, where it opened on Thursday. The last time silver traded around these levels was in January 1980.
Spot gold prices fell 2% on Thursday after surpassing $4,000 for the first time on Wednesday.
Precious metals investors booked profits in both silver and gold after safe-haven asset prices fell. armistice agreement Israel-Hamas declaration of war in Gaza.
If You Bought a Gold Bar at Costco Last Year, This Is What It Costs Now
Silver prices have risen this year due to supply constraints as well as economic conditions, which has benefited the precious metal. (Clark Hodgin/Bloomberg via Getty Images/Getty Images)
“The bookmakers are taking some gold chips off the table Gaza ceasefire “is effective because it lowers temperatures in a historically volatile region,” said Tai Wong, an independent metals trader, in a Reuters report.
The panel discussed the continued rise in gold prices as investors look for alternatives to the dollar on ‘Kudlow’.
“Gold and silver may need to consolidate further, but the primary drivers of the rally, reserve diversification and large, rising global sovereign debt, remain entirely legitimate and maintain the bullish outlook,” Wong said.
Gold FOMO could push the metal to $4,000
Silver prices rose above $50 an ounce for the first time on Thursday. (Michael Nagle/Bloomberg via Getty Images/Getty Images)
Gold’s rise this year has been driven by geopolitical tensions as well as strong demand from central banks and rising investment. Exchange-Traded Fund (ETF)Expectations of interest rate cuts, and economic uncertainty arising from changes in tariffs and trade policy.
The SPDR Gold ETF Trust, the largest backed by physical gold, has advanced nearly 50% this year. While smaller mining ETFs, including the Microsector Gold Miners 3X Leveraged ETN, have advanced more than 740% this year as the top-performing ETF, as tracked by VettaFi.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| gld | SPDR Gold Shares Trust – USD ACC | 365.44 | -6.90 |
-1.85% |
| gdxu | Bank of Montreal Microsectors Gold Miners 3X | 198.96 | -29.58 |
-12.94% |
Silver’s 69% rise this year has been driven by the same factors as well as a lack of supply in the spot silver market.
ETFs tied to gold’s cousins are also up big this year, with the iShares MSCI Global Silver Miners ETF up more than 148% and the ProShares Ultra Silver up more than 148%.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| AGQ | ProShares Ultra Silver – USD Dis | 78.81 | -3.29 |
-4.01% |
| SLVP | iShares Inc MSCI Global Silver Miners ETF | 27.67 | -0.95 |
-3.34% |
Liquidity in the London silver market is limited due to ETF buying and moves of the metal to the US, a precious metals trader told Reuters.
Fed minutes show policymakers are worried about inflation as they push for a rate cut
Amidst economic uncertainty, there has been a rise in precious metals like gold this year. (Chris Ratcliffe/Bloomberg via Getty Images/Getty Images)
markets hope federal Reserve The interest rate cuts will continue after the central bank moved ahead with a 25-basis-point cut last month, its first rate cut this year.
Traders are anticipating a 25 basis point rate cut at the Fed’s upcoming policy meetings between late October and mid-December.
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The Fed is expected to make additional rate cuts this year despite signs that inflation remains high and moving away from the central bank’s 2% target, as concerns about a weak labor market outweigh policymakers’ inflation concerns.
Reuters contributed to this report.
