ETF Trends
ETF Trends

Global X Silver Miners ETF (NYSEArca: SIL) was among the sharpest decliners in exchange traded funds (ETFs) Monday afternoon as silver prices pulled back from 31-year highs.

The silver-miners ETF was down nearly 5% at last check.

Meanwhile, iShares Silver Trust (NYSEArca: SLV) dropped more than 1%. An options trader on Monday placed a $1 million bet the silver ETF will decline 37% by July, according to Bloomberg.  “It’s definitely a massive downside bet on silver,” Henry Schwartz, president of Trade Alert LLC, told Bloomberg.

The trade of 100,000 July 25 puts in iShares Silver Trust, equal to $1 million, was spotted earlier Monday, Benzinga reported.

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.