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Market Moves: Week Ending 5 April 2024

Silver (ETPMAG) was the top performing asset of the week as it rallied in response to gold hitting new all-time highs.¹ The two precious metals often trade in lockstep, and traders often refer to the Gold Silver Ratio (GSR) to identify when either asset is undervalued. For the past 10 years, one pound of gold was worth 50-60 pounds of silver on average.²Today, one pound of gold can purchase roughly 85 pounds of silver, possibly signalling silver is undervalued.³
Transition metal miners (GMTL, WIRE, XMET) were also a theme across the top performers of the week as copper rallied to its highest price in more than a year.⁴ Chinese factory activity, a key measure of metals demand and economic health, beat analyst estimates and increased at the fastest rate in 10 months.⁵
Crypto ETFs (CRYP, EBTC, EETH) were the poorest performers after the strong US labour market reports tempered investor expectations for Fed rate cuts in 2024.⁶ Risk assets such as cryptocurrencies tend to outperform in low-interest rate environments.
There were $1.05 billion in reported inflows for the shortened week and $461.8 million in outflows, marking a strong week of net inflows for the Australian ETF industry.

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Looking for more ETF Express content? Check out this week’s Thematic Spotlight and Commodity Calls.

^{Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 08/04/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.}

^{Brokerage commissions will reduce returns.}

^{This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.}

Authored by: Justin Lin

Date:
Apr 10, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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