ETF Trends
ETF Trends

The $14.2 billion iShares Silver Trust (NYSEArca: SLV) surged nearly 4% on Thursday to a new record high as the silver exchange traded fund (ETF) closed above $41 a share for the first time.

Silver prices rallied after weekly jobless claims rose more than expected, while the dollar weakened and Greek bond yields soared. Investors will get data on consumer prices on Friday.

The silver ETF held nearly 353 million ounces of silver as of Wednesday’s close, down slightly from a recent record. The precious-metal ETF is up more than 30% year to date.

Some options traders, however, have been positioning for a correction in the silver ETF, which gained more than 1% on Wednesday.

ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver Fund (NYSEArca: DBS) were also up almost 4%.

A leveraged ETF for silver, ProShares Ultra Silver (NYSEArca: AGQ), was among the top percentage gainers in ETFs on Thursday with a rise of 7.6%.

iShares Silver Trust

For 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.