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Friday, April 29, 2011

ProShares UltraShort (ZSL) (AGQ) (SLV) Close Mixed as Silver, Gold Break Records

ProShares UltraShort Silver (NYSE:ZSL), ProShares Ultra Silver (NYSE:AGQ) and iShares Silver Trust (NYSE:SLV) closed mixed Thursday even as silver and gold prices broke all-time records. It appears investors are taking some profits off the top.

Silver prices for July moved up $1.55 to settle at $47.54 an ounce.

Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.

Gold prices soared while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.

Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.

The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.

ProShares UltraShort Silver closed Thursday at $13.43, falling $0.23, or 1.68 percent. ProShares Ultra Silver ended the day at $365.26, gaining $3.51, or 0.97 percent. iShares Silver Trust closed at $47.26, up $0.26, or 0.55 percent.

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