Silver (SLV) Rally is a Day Late (GLD)
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While gold rallied to the top end of its trading range near $1630 last week, silver's rally ended well short of the high end of its trading range at $28.50. This week, on Monday, silver is making up the difference: the iShares Silver Trust (NYSE: SLV) is higher by 0.91 percent, compared to SPDR Gold Shares (NYSE: GLD) which is lower by 0.25 percent.
Depending on the Fed’s rate decision and language on Wednesday, action in the metals market is going to heat up later this week. The fact that the GLD/SLV spread came in is positive for a potential breakout in precious metals, according to traders, but it is way too soon to know exactly how metals traders will react to the Fed decision. For now, it’s a game of wait-and-see.
Depending on the Fed’s rate decision and language on Wednesday, action in the metals market is going to heat up later this week. The fact that the GLD/SLV spread came in is positive for a potential breakout in precious metals, according to traders, but it is way too soon to know exactly how metals traders will react to the Fed decision. For now, it’s a game of wait-and-see.
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