The largest exchange traded fund (ETF) for silver was set to open lower again Friday after the April nonfarm payrolls report came in better than expected as the unemployment rate stood at 9%.

The iShares Silver Trust (NYSEArca: SLV) was off more than 1% before the opening bell. The $12.5 billion ETF has plunged nearly 30% over the past week as a stronger dollar and boosted margin requirements have hammered the precious metal.

Other ETFs tracking silver include ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver (NYSEArca: DBS).

The sell-off in silver has pushed the metal ETFs below their 50-day moving averages.

ETFS Physical Silver

Full disclosure: Tom Lydon’s clients own SLV.

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