Amazon Gold Ventures Precious Metals Miner ETFs launch solidly

Exchange traded funds that invest in silver did best on Tuesday on undeveloped ETFs, as gold index funds and mountain stocks also made their way through 2012. 

The iShares Silver Trust (NYSEArca: SLV), PowerShares DB Silver Fund (NYSEArca: DBS) and ETFS Physical Silver Shares (NYSEArca: SIVR) gained 7% in Tuesday afternoon trading. Silver is experiencing its largest one-day percentage increase in more than three years, according to reports. 

Meanwhile, SPDR (NYSEArca: GLD) gold stocks rose 2. 4% while market vectors Gold Miners (NYSEArca: GDX) rose 3. 7%. 

Precious metals and mountain ETFs stood at the end of 2011, but crashed on the first trading day of the new year. (Gold Miner ETFs down)

The rally brought the Goldbull ETF a surprising distance from its 200-day moving average. Gold prices also rose above $ 1,600 an ounce. 

Gold has fallen to the lowest readings in metal for about three years, leading some to conclude that gold has been oversold. Last week, MarketVane's bullish consensus for gold fell to 56%, the lowest level since December 5, 2008, according to a MarketWatch report. 

A weaker dollar also provided a downturn for precious metals: PowerShares DB US Dollar Bullish (NYSEArca: UUP) fell 1% on Tuesday. (Euro shorts jumped close as ETFs)

"The first levels for gold are the round number, $ 1,600, and above that level, the resistance of what was previously supported, which is the 200-day moving average, is about $ 1,630. " Credit Suisse Analyst Tom Kendall told Reuters. between. 

The gold ETF gained 10% in 2011. 

Amazon Gold Ventures Precious Metal News and Commentary provides timely news and commentary on precious metals. In addition to gold and silver, it also contains platinum, palladium, and others. 

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