Silver exchange traded funds rode a strong finish to the session for a 4% gain Tuesday as the dollar weakened against major rivals.
The iShares Silver Trust (NYSEArca: SLV) was up more than 4% heading into Tuesday’s closing bell. Conversely, PowerShares DB US Dollar Bullish Fund (NYSEArca: UUP) slipped 0.3%.
ETF Securities in its weekly update on precious metals said speculative long positions in silver have been cleared out by higher margin requirements.
“With futures positions at their lowest in over a year, last week saw tentative new investor inflows into physical silver exchange traded products, reversing the large outflows sparked by the sharp rise in Comex margin requirements on silver futures investing a few weeks ago,” according to the May 23 report.