Bank of America (NYSE:BAC) Increases Holdings in iShares Silver Trust (NYSE:SLV)

In their latest filing Bank of America (NYSE:BAC) revealed they've increased their holdings in the iShares Silver Trust (NYSE:SLV) by 4.6 million shares, making them the largest hold of shares in the trust with 12.3 million.

Silver has been beating out gold in the short term as the price of the yellow metal has soared to all-time highs, but historically when gold prices reach higher levels investors will migrate to silver as an alternate investment metal.

At 1:00 silver was down $0.22 to $25.31 an ounce.

Because silver has been invested in as an investment metal recently, they've been participating in the price correction along with gold.

South Korea announced today they've raised their interest rates, and that has caused metals prices to come crashing down, especially gold. The U.S. dollar strengthened against the euro again, adding fuel to the fire.