Markets

Silver ETFs Plunge 8% in Sell-Off

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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