The iShares Silver Trust (NYSEArca: SLV) was up more than 1% before Tuesday’s opening bell despite a stronger dollar as the precious metal exchange traded fund (ETF) recovered somewhat after the previous session’s drubbing.
The $17.2 billion ETF lost nearly 9% on Monday amid the sell-off in silver. It holds over 11,000 metric tons of silver. Other ETFs tracking the highflying metal include ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver (NYSEArca: DBS).
Silver was rising Tuesday morning while the Dollar Index rose about 0.4% before U.S. markets opened.
CME Group late Monday raised margin requirements for Comex silver futures, the third such hike in about a week.
SPDR Gold Shares (NYSEArca: GLD) was unchanged before Tuesday’s bell after hitting a record high the prior day.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV and GLD.
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.