This article was originally published on ETFTrends.com.
Silver-related exchange traded funds shined on Tuesday, with silver bullion hovering around their highest levels since late February.
Meanwhile, the iShares Silver Trust (NYSEArca: SLV) was 1.5% higher as Comex silver futures rose 1.9% to $15.66 per ounce.
Silver stood out as the price moves in this precious metal market was not mirrored in the gold market.
“Silver behaved more like an industrial metal” on Tuesday, bolstered on hopes of a U.S.-China trade deal and better-than-expected U.S. retail sales numbers, Chintan Karnani, chief market analyst at Insignia Consultants, told MarketWatch. Silver is used in many industrial applications, along with its status as a store of wealth like gold.
Looking ahead, silver and the broader commodities market could find upward pressure as the Federal Reserve plans to cut interest rates as soon as its upcoming July meeting.
Legendary commodities trader Jim Rogers, chairman of Rogers Holdings, also sees opportunity in silver as the precious metal is better priced than gold, but levels are not yet sufficiently low enough.
“If I had to buy one, silver or gold, I’d rather buy silver. Silver is more depressed on a historic basis than gold. I’m not buying either in any serious way,” Rogers told Kitco News.
Rogers currently maintains some gold positions and does not plan on selling it unless a major crisis hits.
“If and when a bubble develops, and it probably will because the world is facing gigantic problems in the next few years, if that happens then I will have to sell my gold because you cannot, well you can but you’d be crazy to, hold any asset through a bubble,” he added.
For more information on the precious metals market, visit our precious metals category.
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