Silver (SLV) Sets Up for Breakout, but Gold (GLD) Traders Seem A Bit Gun-Shy

August 20, 2012 1:13 PM EDT
iShares Silver Trust ETF (NYSE: SLV) is higher by 1.85 percent intraday on Monday. The spot price of silver reached its highest level since mid-June, breaking above $28.50 per ounce. Traders say the metal faces technical resistance at $29 and $30.

SPDR Gold Shares ETF (NYSE: GLD) is up only 0.25 percent and this could be a drag on silver since the two precious metals are highly correlated. Gold trades at $1620, just under resistance at $1630. A break here could send both gold and silver flying.

ETFS Physical Platinum Shares (NYSE: PPLT) is higher for the 3rd day in a row on reports of continued tensions at a mine in South Africa. Last week police there shot and killed dozens of striking miners.

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