Silver Higher as Bulls Take Advantage of Thin Market (SLV) (GLD)
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iShares Silver Trust ETF (NYSE: SLV) is moving higher today, posting a solid gain of 2.8 percent in early trading on Tuesday. The push higher comes as traders prep for an ECB rate decision on Thursday. Many analysts are now calling for a 0.25 percent rate cut to 0.75 percent from 1 percent currently, while some are calling for a 0.50 percent cut.
Traders view rate cuts from the ECB as bullish for iShares Silver Trust ETF (NYSE: SLV) and SPDR Gold Trust ETF (NYSE: GLD) since lower rates are seen as inflationary. The price of spot silver is trading at $28.36 with resistance seen at $29. The price of spot gold is trading well above $1600 per ounce, at $1620. Traders say thin volumes in the U.S. are adding to volatility in commodities and investors should be prepared for price swings in both directions.
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Traders view rate cuts from the ECB as bullish for iShares Silver Trust ETF (NYSE: SLV) and SPDR Gold Trust ETF (NYSE: GLD) since lower rates are seen as inflationary. The price of spot silver is trading at $28.36 with resistance seen at $29. The price of spot gold is trading well above $1600 per ounce, at $1620. Traders say thin volumes in the U.S. are adding to volatility in commodities and investors should be prepared for price swings in both directions.
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