ETF Flyers: Precious Metals Show Their Mettle

New York (May 27)  Gold, silver, platinum and palladium shined Friday ahead of the long Memorial Day weekend. Gold prices rose almost one percent to near $1,270 an ounce, settling at their highest level this month. Today’s gain caps the precious metal’s third straight weekly gain, buoyed by political and geopolitical uncertainty. Silver rose 1% to $17.34 an ounce for its second consecutive weekly gain.

As our nation prepares to honor those who have made the ultimate sacrifice for their country, investors seem more focused on weekend plans than equities as key indexes closed little changed.

However, the commodities complex showed widespread strength.

Oil prices rebounded, rising 1.9% to near $50 per barrel after falling earlier this week amid skepticism about OPEC’s extension of production cuts. The United States Oil Fund LP (USO) gained 2.4% to $10.28.

Among precious metal ETFs, SPDR Gold Shares (GLD) rose 0.9% to $120.55 and the VanEck Vectors Gold Miners ETF (GDX) gained 1% to $22.94. The iShares Silver Trust (SLV) rose 1% to $16.40 and the Global X Silver Miners (SIL) ETF edged 0.7% higher to $35.94.

The ETFS Physical Palladium Shares (PALL) jumped 2.7% to $75.80 and the ETFS Physical Platinum Shares (PPLT) gained 1.2% to $91.81.

Source: Barron's