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With this market sinking faster than you can say November lows, traders are seeking profits anyway they can.
And lately one of the best ways to close in the black -- has been with gold [US@GC.1
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]. You probably knew that. But did you also know that as gold nears its 7-month high and inches its way toward $1000 other metals such as platinum and silver are participating in the flight to safety.
Considering the recent action, how should you play metals? For insights we turn to Fast Money trader Tim Seymour.
"When you’re looking at the metals trade it’s important to understand the difference between ferrous metals and non-ferrous metals. Ferrous means iron and steel and non-ferrous means base metals like copper, tin and aluminum," he says.
For most investors the easiest way to play the space is with ETFs.
"In ferrous metals I’d look at the SPDR S&P Metals and Mining ETF [XME
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] and in base metals I'd look at the Powershares DB Base Metals Fund ETF [DBB
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] ," counsels Seymour.
"Or if you want to play precious metals look at the PowerShares DB Precious Metals ETF [DBP
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] , he adds.
- Your First Move For Thursday November 12th
- Web Extra: How To Play Wal-Mart Earnings
- Cisneros Gives An Outlook on Housing
- What's the Next Big Acquisition in Technology?
- The Market Reacts To HP's $2.7 Billion Acquisition
- HALFTIME REPORT: Plays for a Dollar-Dominated Market
- Your First Move For Wednesday November 11th
- Web Extra: The Best Trades In Tech
- Pops & Drops: UPS, Electronic Arts...
- Take Your Position: Retail Earnings
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Trader disclosure: On Feb. 18th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (BAC), (EEM), (EEM), (PBR), (XOM), (FXI); Seymour's Firm Owns (VIP); Terranova Owns (FCX), (XBI), (AMGN), (KCE), (DIS); Terranova Owns (IBM) & (IBM) Call Spread; Terranova Owns (AMGN) Puts; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (CHK) Put Spread, Najarian Owns (CBS) Calls, Najarian Owns (EEM) Call Spread, Najarian Owns (FCX) & (FCX) Calls, Najarian Owns (GS) Calls, Najarian Owns (GDX) Call Spread, Najarian Owns (GLD) Call Spread, Najarian Owns (HPQ) Spread, Najarian Owns (MSFT) & (MSFT) Short Calls, Najarian Owns (MS) & (MS) Short Calls, Najarian Owns (MOS) Call Spread, Najarian Owns (STI) Call Spread, Najarian Owns (WFC) & (WFC) Calls
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