Silver futures and spot silver soared just shy of record levels today before pulling back some, with ProShares UltraShort Silver (NYSE:ZSL), ProShares Ultra Silver (NYSE:AGQ) and iShares Silver Trust (NYSE:SLV) all getting heavier action than normal.
Spot silver prices fell almost 2 percent, wiping out sharp initial gains, after a technical failure to take out a record price set in 1980 triggered a heavy bout of selling.
Spot silver XAG= dropped 0.8 percent to $46.29 an ounce, off from a session high of $49.31. U.S. silver futures jumped as much as over 8 percent to a intraday high of $49.82 an ounce, off an all-time peak of $50.35 set Jan. 18, 1980.
iShares Silver Trust was trading at $46.60, gaining $1.06, or 2.33 percent, as of 12:23 PM EDT. Volume was almost 3 times the 3-month daily average, up at over 115 million on the day so far.
ProShares Ultra Silver was trading at $357.17, up $16.21, or 4.75 percent. ProShares UltraShort Silver was at $14.05, falling $0.69, or 4.68 percent.
Monday, April 25, 2011
iShares Silver Trust (SLV) (ZSL) (AGQ) Get Heavy Trading as Silver Approached Record Levels
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2 comments:
GLD is up! All silver ETF's will follow suit and continue the uptrend as long as all gold ETF's are positive until QE2 is over in June.
Sure hope so. I was about to go long AGQ but then decided that maybe tomorrow morning I'll wake up and silver will be down $5+ an ounce. Risk:reward ratio gives risk the upper hand by a huge factor. No thanks. I'd be looking at shorting it, especially if it pops it's Hunt Bros high.
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