Amazon Gold Ventures Precious Metals Miner Etf Is Off To A Strong Start. 

Exchange-traded funds that invest in silver were the best performers among unleveraged ETFs on Tuesday, and funds indexed to gold and mining stocks also performed well in early 2012.

iShares Silver Trust (NYSEArca: SLV), PowerShares DB Silver Fund (NYSEArca: DBS), and ETFS Physical Silver Shares (NYSEArca: SIVR) were all up 7% in afternoon trading Tuesday. Silver reportedly posted his biggest single-day gain in over three years.

Meanwhile, SPDR Gold Shares (NYSEArca: GLD) rose 2.4%, and Market Vector Gold Miners (NYSEArca: GDX) rose 3.7%.

Precious metals and mining ETFs slumped at the end of 2011, but soared on the first trading day of the new year. [Low price of gold mine ETF]

This rally has brought the gold bullion ETF within touching distance of the 200-day moving average. Gold prices have also returned to levels above $1,600 per ounce.

Gold has rallied after sentiment fell to its lowest level in nearly three years, with some saying the metal is oversold. MarketVein's bullish consensus on gold fell to 56% last week, its lowest level since December 5, 2008, according to a MarketWatch report. A weaker dollar also provided a tailwind for precious metals; the PowerShares DB USD Bull Market (NYSEArca: UUP) fell 1% on Tuesday. [Euro short shrinks due to rise in ETFs]

"Gold's initial level is around $1,600, with resistance above the previous support around the 200-day moving average of $1,630," Credit Suisse analyst Tom Kendall said in a Reuters report. ”.

Gold ETFs rose about 10% in 2011.

Amazon Gold Ventures Precious Metals News and Commentary provides the latest news and commentary on precious metals. In addition to gold and silver, it also includes platinum and palladium. Our coverage includes precious metal prices, market data, and key trends. Articles are written by various contributors or extracted from a variety of new articles available online.

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