Gold and Silver Bear ETFs Shine as Dollar Soars

Gold and Silver Bear ETFs Shine as Dollar Soars

Precious metal prices slumped Thursday as investors flocked to the U.S. dollar as an alternative hedge against the uncertainties surrounding Brexit and the unresolved trade war between the United States and China. E-micro Gold Futures for June (MGC=F) edged down 1.4% – failing to hold above the psychological $1,300 level – while COMEX miNY Silver Futures for May (QI=F) dropped 2% and threatened to break below $15. Meanwhile, the U.S. Dollar Index (DX-Y.NYB), a measure of the greenback relative to the value of a basket of other developed currencies, traded up 0.5%.

In recent weeks, the dollar has also benefited from other major central banks keeping a lid on rising interest rates. “Gold bugs have been left frustrated because of the fact other major central banks have also turned dovish, thereby keeping the dollar supported indirectly as foreign currencies tumbled,” analyst Fawad Razqzada told

Traders can profit from falling gold and silver prices by using one of the following three leveraged inverse exchange-traded funds (ETFs). Each fund broke out of a continuation pattern in yesterday’s trading session, suggesting higher prices ahead. Let’s run through several trading ideas.

ProShares UltraShort Gold ETF (GLL)

ProShares UltraShort Silver ETF (ZSL)

Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST)

Source link Google News

Related posts

Leave a Comment