Exchange traded funds (ETFs) for silver saw their fifth straight day of losses on Thursday as the metal continues to correct hard following its historic rally.
The largest ETF for silver, iShares Silver Trust (NYSEArca: SLV), was down 3% in premarket trading Thursday. The silver ETF has dropped nearly 20% over the past week.
A leveraged ETF that bets against silver, ProShares UltraShort Silver (NYSEArca: ZSL), rose about 6% before the bell. It has soared more than 40% over the past five days.
Silver prices have been pushed lower after Comex operator CME Group boosted margin requirements for silver three times.
ProShares UltraShort Silver
Full disclosure: Tom Lydon’s clients own SLV.
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.