NEW YORK (
) - Over the past week ending Thursday, May 27, $167 million has flowed into the 205 exchange-traded funds, or ETFs, with precious metals exposure according to
. The 1.7% inflow outpaced all other industries.
The more jittery the rest of the market becomes, the more the gold bugs like it. Gold buying has pushed up the spot price of gold to more than $1211 per ounce and looks to be challenging the recent high of $1242 per ounce. Silver, at $18 an ounce is rallying toward its 2008 high of more than $20 an ounce. Silver has already taken out this high when priced in Euros.
Precious metals industry is one of the few bright spots as nearly $10 billion flowed out of ETFs this week. The pure-play funds with the highest concentration of precious metals miners are
Market Vectors Trust Gold Miners
PowerShares Global Gold & Precious Metals ETF
Junior Gold Miners ETF
Global X Silver Miners ETF
The portfolio of Market Vectors Trust Gold Miners tracks the Amex Gold Miners Index whose largest positions are heavily weighted in
-- Reported by Kevin Baker in Jupiter, Fla.
Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.