Exchange-traded funds (ETFs) that track movement of gold and silver are up nicely today. Yesterday both those ETFs were down yesterday due to news that Venezuela is brokering a deal with Libya on a peace treaty. But I believe the real reason why gold and silver were down is because they were up for 3-4 consecutive days and gold had breached its all time high touching $1441 an ounce. This technically calls for either pullback on profit taking or at least consolidation to form a solid base before rocketing again.
Today, Dow Jones Industrial Average is down 172 points in midday trading while S&P is down 18 points. Whereas shares of iShares Silver Trust (SLV), which tracks the metal directly, is up 3.16%, to $34.49 and shares of SPDR Gold Shares (GLD), which tracks the price of bullion, were up 0.82%, to $139.20 a share.