Exchange traded funds that track the price movements of silver were brought down along with gold on Wednesday as precious metals suffered while stock ETFs enjoyed a bounce.

“Equities are sharply higher today, and Obama is coming on with his jobs address,” commented Matt Zeman, a senior market strategist at Kingsview Financial, report Claudia Assis and Myra P. Saefong for MarketWatch. “We’ve seen a little bit of a return of risk appetite.”

During early trading, silver futures dropped 3.5% but pared most of their loses. Silver ETFs have stalled a bit near a recent high along with funds tracking the metal’s higher-profile cousin: gold.

Still, silver ETFs were up about 36% so far this year through Tuesday’s close. Stocks rose Wednesday — the Dow Jones Industrial Average climbed 260 points in afternoon trade while silver ETFs shed more than 1%.

Recession fears have partly weighed on silver lately — around half of total world demand for silver comes from the industrial sector, according to Gold Matters.

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