Gold ETFs Turn Higher on ECB Pledge as Central Banks Meet

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"Silver ETP holdings have been on a modest upward trend since early July, indicating some investors view the recent silver price range as a good entry point."

ETF Trends

Gold and silver ETFs have jumped on renewed hopes central banks will announce more stimulus to help the global economy. European Central Bank President Mario Draghi last week pledged aggressive action to stabilize debt markets.

Precious metals led commodity prices higher last week after Draghi committed to do "everything it takes" to keep the Eurozone intact.

Spanish 10-year bond yields ended the week below the 7% level that prompted other peripheral countries to seek bailouts.

While Spain and its banks will receive bailout funds, the exact mechanism remains unclear. Draghi is now trying to seek government and national central bank approval for a plan to ease borrowing costs in Italy and Spain before the next ECB meeting on Thursday. . .View Full Article

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