Silver ETFs were some of the worst performing strategies in the past week ended Thursday, Dec. 20, as a slew of positive economic data weighed on silver prices.
The PowerShares DB Silver ETF (NYSEArca:DBS) lost nearly 8.5 percent of value in the past five sessions alone, while the $10.04 billion iShares Silver Trust (NYSEArca:SLV) bled nearly 5 percent amid hefty daily trading volume of an average of 16.5 million shares, according to data compiled by IndexUniverse.
The ETFS Physical Silver ETF (NYSEArca:SIVR), and a number of other precious metals and gold miner funds were also among the week's bottom performers.
"It's all about the strong economic data we've been seeing in the U.S.," HardAssetsInvestor analyst Sumit Roy told IndexUniverse, pointing to U.S. home sales-which in November grew at the fastest pace in three years-as well as an uptick in U.S. third quarter GDP, which grew 3.1 percent.
"These strong figures are fueling speculation that the Federal Reserve could end its ongoing stimulus programs earlier than expected, and that's bearish for silver," he said.
On the flip side, the Global X Uranium ETF (NYSEArca:URA) was the single best-performing fund of the week, tagging gains of 11.24 percent.
The $136-million fund also was one of the most heavily traded among the week's top-10 performers, with more than 1.76 million shares trading hands in five days.
Other energy-related funds also performed well, including the Market Vectors Uranium + Nuclear Energy ETF (NYSEArca:NLR), which rose 6.4 percent in the period, and the iShares S&P Global Clean Energy Index Fund (NYSEArca:ICLN), which gained 6.3 percent.
A pair of single-country Market Vectors strategies-the the Market Vectors Egypt ETF (NYSEArca:EGPT) and the Market Vectors China ETF (NYSEArca:PEK)-took the No. 2 and No. 3 spots in the top performers ranking, each rallying around 7 percent.
The gains came as the Dow Jones industrial average tagged on 141 points, or roughly 1 percent, in the week.
Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and 'lt;1,000 Shares Traded
AUM ($, mm)
Global X Uranium
Market Vectors Egypt
Market Vectors China
iShares Dow Jones U.S. Broker-Dealers
PowerShares Global Steel
Market Vectors Uranium + Nuclear Energy
iShares S&P Global Clean Energy
Market Vectors Steel
PowerShares KBW Capital Markets
iPath Global Carbon ETN
AUM ($, mm)
PowerShares DB Silver
iShares Silver Trust
ETFS Physical Silver
iPath Dow Jones-UBS Precious Metals Total Return ETN
iPath Dow Jones-UBS Platinum Total Return ETN
Global X Gold Explorers
PowerShares DB Precious Metals
Market Vectors Junior Gold Miners
iPath Dow Jones-UBS Cocoa Total Return ETN
Disclaimer:All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
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