While headlines show a near 5% rally for gold and almost 8% for silver, those ETFS which track the metals - (GLD +0.4%) and (SLV +0.2%) - have barely budged. ETF investors aren't missing out. Instead, it's the metals' official close of trade time - 1:30 ET - meaning yesterday's massive post-FOMC (2 ET) rally will be reflected in today's price change. Both ETFs - where trading doesn't end until 4 ET - soared yesterday.
Meanwhile, the non-taper has previously bullish Michael Dudas remaining so, but Commerzbank is more cautious: "Rising equity markets could mean that investors prefer to put their money into equities rather than gold," says the team, which would like to see a trend of inflows into ETFS before getting too excited (money exited again yesterday).
The miners are giving back some of yesterday's big gains. Up 9% on Wednesday, the GDX is off 2.4% today. The triple-leveraged bull ETF (NUGT -7.5%) gives back some of yesterday's 27% gain, while the triple-leveraged bear ETF (DUST +7.8%) recoups some of yesterday's 27% swoon.