Exchange traded funds tracking silver were down more than 2% in premarket action Monday as the dollar continued to strengthen against the euro.

The $12.3 billion iShares Silver Trust (NYSEArca: SLV) slipped 2.6% before the bell. The ETF has dropped 13% over the past month amid the correction in metals markets.

Gold prices were flat Monday morning, hovering below $1,500 an ounce.

“Given the risk reduction, the complex will remain vulnerable to further bouts of long liquidation,” said James Moore, an analyst at FastMarkets. “But we expect gold to see a more orderly decline as the metal benefits from strong physical and investment bargain-hunting interest.”

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.

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