Exchange traded funds for silver bounced Friday morning after losing nearly 30% over the past week as the metal was thumped by higher margin requirements and profit taking.
The $12.5 billion iShares Silver Trust (NYSEArca: SLV) was up more than 2% in morning trade. Other ETFs tracking silver include ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver (NYSEArca: DBS).
The amount of bullion held by iShares Silver Trust has fallen to 10,269 metric tons from over 11,000 metric tons as traders have fled the silver ETF amid the carnage in metals this week.
Trading volume in the ETF surged to nearly 300 million shares on Thursday, a record, as the silver fund plunged almost 12%. [Thursday’s Commodity ETF Sell-Off by the Numbers.]
iShares Silver Trust
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