ProShares UltraShort Silver (ZSL) Plunges Again

After dropping nearly 8 percent in earlier trading, silver prices have rebounded to trade slightly in positive territory, pushing down the share price of ProShares UltraShort Silver (NYSE:ZSL).

ProShares UltraShort Silver, which attempts to provide daily investment results (before fees and expenses) that correspond to twice (200 percent) the inverse (opposite) of the daily performance of silver bullion as measured by the U.S. Dollar fixing price for delivery in London, has volume almost 3 times the daily 3-month average so far today.

The ETF has been fluctuating wildly with the price of silver, moving in unison with it on a daily basis, as well as throughout the day, as the volatility in the market continues.

So far in 2011 it has plunged over 65 percent as silver prices have soared during that time.

ProShares UltraShort Silver was trading at $20.13, falling $1.57, or 7.24 percent, as of 1:46 PM EDT.