The bears were able to turn the tables in silver markets Monday as exchange traded funds (ETFs) that invest in the metal sold off by nearly 9% in late-day action.
The largest silver ETF by assets, iShares Silver Trust (NYSEArca: SLV), was down more than 8% heading into the closing bell. Almost 150 million shares traded.
Other ETFs for silver include ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver (NYSEArca: DBS).
Silver ETFs plunged Monday as news crossed that Sprott Asset Management sold about $35 million worth of shares of Sprott Physical Silver Trust (NYSEArca: PSLV). [Sprott Sells Over $30 Million of Silver Trust.]
A leveraged ETF that bets against the metal, ProShares UltraShort Silver (NYSEArca: ZSL), soared nearly 16% on Monday.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV.
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