Gold, silver ETFs: What should you do after Wednesday's rise? | Daily Calls on BTTV

Thanks to an increase in customs duty on gold and silver to 15 per cent from 6 per cent earlier, a sharp upmove was seen on exchange traded funds (ETFs) with gold and silver as underlying assets. Anshul Jain, Head of Research at Lakshmishree Investment & Securities said  feels the precious metals rise has more legs to it. In an interview to BTTV, he advised ETF investors to stay put.

Answering a query by a viewer Suraj from Kerala, who held 200 Nippon India Silver ETF (Silver BEES)  at Rs 231 apiece, Jain said Comex gold and silver futures were trading in a range for the past four-five sessions, and it is only after the government increased customs duty on gold and silver to 15 per cent from 6 per cent that gold and silver ETFs climbed on Wednesday. He said one should hold with the ETF investments for now, as gold futures are likely to touch $4,775 per ounce, about $60 upside. He sees $10 upside on Comex silver futures, which traded at $87.44 troy ounce. From those levels, there could be some profit booking, he said.

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(DISCLAIMER: The views/advice/suggestions expressed in the video are solely by market analysts & investment experts. Please consult your investment advisers before making any financial decisions.)