Silver EFT nears approval

The Securities and Exchange Commission announced that it has approved a rule change for a silver exchange-traded fund (ETF) in registration from Barclays Global Investors that would allow the product to list on the American Stock Exchange, although the fund has not yet been cleared to launch by regulators. With the ETF one step closer to being launched, May silver futures jumped two percent to finish the session at $10.565 an ounce – its highest level since late 1983. Meanwhile, April gold futures settled at a one-week low of $553.20 an ounce, down $2.90. May copper tagged a high of $2.374 per pound before closing day with a loss of one penny at $2.324 per pound.