More Range-bound Trading in Precious Metals (GLD) (SLV)

August 2, 2012 2:41 PM EDT
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SPDR Gold Shares ETF (NYSE: GLD) and iShares Silver Trust (NYSE: SLV) are both trading lower intraday on Thursday. Precious metals markets turned south yesterday following the Fed policy announcement, and they continued lower today in the wake of the ECB announcement today. Spot gold has traded in a very tight range since early June, with $1630 per ounce keeping a lid on any advance and buying interest near $1550 per ounce. Silver has a similar trading range between $28.50 and $26 per ounce.

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