Exchange traded funds that invest in silver were down 7% Wednesday amid the smackdown in commodities markets while dollar ETFs rallied.
The iShares Silver Trust (NYSEArca: SLV) was down 7.4% in recent trading. In the commodities complex, oil and gasoline prices dropped sharply after an energy report estimated supply rose in the latest week. [Gasoline ETF Tumbles 7%]
The selling quickly spilled over into precious metals such as silver and even stocks as the Dow fell nearly 200 points.
A leveraged ETF that bets against silver, ProShares Ultra Silver (NYSEArca: ZSL), rallied 14%.
PowerShares DB US Dollar Bullish Fund (NYSEArca: UUP) added nearly 1%.
iShares Silver Trust
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.