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.