GOLD SILVER ETFs NEWS ~ Silver ETFs roared back today with the iShares Silver Trust ETF gaining 4.8%
Silver made a comeback today as the silver spot price increased 4.72% to close out at $32.03 per ounce. Silver ETFs including the iShares Silver Trust (NSYEARCA:SLV), the ETFS Silver Trust (NYSEARCA:SIVR), the PowerShares DB Silver Fund ETF (NYSEARCA:DBS), the ProShares Ultra Silver ETF (NYSEARCA:AGQ), and the Global X Silver Miners ETF (NYSEARCA:SIL), all registered enormous gains as well.
The Silver ETF pack was led by the explosive ProShares Ultra Silver ETF (NYSEARCA:AGQ), a leveraged fund, which gained nearly 10% in today’s trading and was also the today’s top ETF gainer. The PowerShares DB Silver ETF (NYSEARCA:DBS) came in a distant second with a still impressive 5% gain, at least for a non-leveraged ETF.
Why such a surge in Silver prices and Silver ETFs today? The likely, no-longer-hidden culprit is Europe and the continued Grecian and IMF talks regarding debt and bailouts. Typically Silver and Gold and their ETFs are valued as “safe haven” currencies which offer investors a place to park their assets until the “fiat” currencies return to power. As of late, the decline of the US dollar and Euro dollar in fear of a possible “fiat” currency meltdown are likely causes of Silver’s rise today. Read More
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