Silver ETFs (SLV) (AGQ) (DBS) (SIVR) (SIL) Soar

Shares of silver ETFs iShares Silver Trust (NYSE:SLV), ProShares Ultra Silver (NYSE:AGQ), PowerShares DB Silver (NYSE:DBS), Physical Silver (NYSE:SIVR) and Global X Silver Miners ETF (NYSE:SIL) jumped Wednesday as silver, gold and the majority of other commodity prices were up on the day.

ProShares UltraShort Silver (NYSE:ZSL) traded down to close at $19.73, losing $1.44, or 6.80 percent. It's down about 65 percent on the year.

The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.

June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.

A weaker dollar was the major catalyst for gold and silver specifically, and commodities in general on Wednesday.

Benchmark West Texas Intermediate crude for June delivery was up $3.19, or 3.3 percent, to settle at $100.10 a barrel on the New York Mercantile Exchange.

Brent crude rose $2.31 in London, or 2.1 percent, to settle at $112.30 a barrel on the ICE Futures exchange.

The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.

Global X Silver Miners ETF (SIL) closed Wednesday at $23.93, gaining $0.49, or 2.09 percent. iShares Silver Trust (SLV) closed at $32.23, up $1.14, or 3.45 percent. ProShares Ultra Silver (AGQ) ended the session at $172.85, soaring $11.39, or 7.05 percent. ETFS Physical Silver (SIVR) closed at $34.89, rising $1.13, or 3.35 percent. PowerShares DB Silver (DBS) ended the day at $61.42, increasing $2.09, of 3.52 percent.

Silver ETFs (DBS) (SIVR) (AGQ) (SLV) (SIL) Trade Mixed as Silver Jumps Again

Shares of silver ETFs PowerShares DB Silver (NYSEArca:DBS), Physical Silver (NYSEArca:SIVR), ProShares Ultra Silver (NYSE:AGQ), iShares Silver Trust (NYSE:SLV) and Global X Silver Miners ETF (NYSE:SIL) closed mixed Tuesday, as silver closed in positive territory.

With silver miners mostly trading down on Tuesday, the Global X Silver Miners ETF (NYSE:SIL) was also down, with the rest of the ETFs listed above closing in positive territory.

Silver also extended its rebound, with the July contract gaining $1.37, or 3.7 percent, to $38.47 an ounce.

Gold for June delivery added $13.70, or 0.9%, to $1,516.90 an ounce on the Comex division of the New York Mercantile Exchange.

Separately, HSBC Global Research boosted its average price estimate for gold, silver and platinum.

HSBC raised its gold price projection to $1,525 an ounce from $1,450 an ounce this year, and to from $1,300 $1,500 for 2012.

For silver, the bank sees it averaging $34 in 2011, up from a previous estimate of $26, and from $20 $29 in 2012.

Platinum is seen closing 2011 from $1,750 to $1,850, according to HSBC, and ending 2012 at $1,750 from $1,650.

For palladium, HSBC sees it averaging $825, from $750, in 2011, and $750 from $650 in 2012.

iShares Silver Trust (NYSE:SLV) closed at $37.52, down $0.54, or 1.46 percent.