ETF Trends
ETF Trends

Leveraged exchange traded funds (ETFs) for silver saw moves of 17% on Thursday as the metal’s price continued to plunge and the U.S. dollar rallied.

ProShares Ultra Silver (NYSEArca: AGQ) was down nearly 17% in afternoon trading as silver crashed below $36 an ounce. The ETF shoots for daily results that correspond to 200% of the performance of silver bullion. Its plunge illustrates the power of leverage.

However, its bearish counterpart, ProShares UltraShort Silver (NYSEArca: ZSL), rallied by a similar percentage on Thursday.

The largest ETF for silver by assets, iShares Silver Trust (NYSEArca: SLV), was down 8% in recent trading. Thursday’s sell-off pushed the ETF below its 50-day moving average, signaling that further losses could be on tap.

ProShares Ultra Silver (NYSEArca: AGQ)

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.