Silver ETFs were up more than 1% on Thursday to lead the bounce in precious metals, which have been pushed lower in December with all eyes on the U.S. fiscal cliff.
The iShares Silver Trust (NYSEArca: SLV) added 1.4% in late-morning trade.
Gold and silver ETFs were rising Thursday while the dollar as measured by the PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) was flat at last check.
The metals ETFs strengthened following a report Wednesday that U.S. holiday sales were weaker than expected.
In Washington, Senate Democratic Leader Harry Reid on Thursday said it appears the U.S. will fall over the fiscal cliff, which would trigger automatic spending cuts and higher taxes.
“It looks like that is where we’re headed,” Reid said in a Senate speech.
The silver ETF was down about 12% for the trailing month heading into Thursday’s trading.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV.