Shares of ProShares UltraShort Silver (NYSE:ZSL) were soaring as investors played the expected pullback in silver prices by going short.
Other silver investment vehicles like ProShares Ultra Silver (NYSE:AGQ) and iShares Silver Trust (NYSE:SLV) were getting hammered on the day.
U.S. silver futures fell as much as 5.4 percent to $44.61 an ounce before fighting back to gain some lost ground.
The plunge in silver came partly from simply taking a breather, but also from an options expiration coming later in the day, as well as waiting to see what Federal Reserve Chairman Ben Bernanke has to say.
ProShares UltraShort Silver was trading at $15.91, gaining $1.33, or 9.12 percent, as of 12:15 PM EDT. ProShares Ultra Silver was trading at $315.61, falling $29.14, or 8.45 percent. iShares Silver Trust was at $43.74, down $2.09, or 4.56 percent.
Tuesday, April 26, 2011
ProShares UltraShort Silver (ZSL) Jumps As Silver Pulls Back
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