Someone has polished up the silver exchange traded funds (ETFs) to a gleaming shine. Silver ETFs and shares of silver-mining companies had a nice spike on Tuesday, thanks to the weakened dollar, according to Thomson Financial on Sharewatch.com.
The iShares Silver Trust (SLV) was up 5.2% and the PowerShares DB Silver Fund (DBS) was also up 4.9%. Both funds hit new heights today. SLV is up 18.9% year-to-date and DBS is up 25.7% since it’s inception in January.
December silver futures were looking pretty nice, too, trading up 61.50 cents to $15.40 an ounce. Mining companies were up: Hecla Mining Co.’s (HL)shares rose 10.7% and Pan American Silver Corp. (PAAS) jumped 5.7%.
Meanwhile, the U.S. Dollar Index is showing signs of wear and tear: it hit another all-time low against the euro. Oil also went above $97 per barrel in intraday trading.
The opinions and forecasts expressed herein are solely those of Tom Lydon, 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.