Silver ETFs Hammered as Silver’s Slide Worsens

September 12, 2016 9:00am NYSE:SIL NYSE:SLV

A number of popular silver-focused ETFs are plunging this morning, as silver prices continued their now week-long pullback.


The world’s largest silver-focused ETF with over $7.2 billion in assets, the iShares Silver Trust ETF (NYSE:SLV), broke below the $18 level in premarket trading to $17.93 per share. The nearly 1% decline this morning adds to the fund’s Friday loss of 2.74%.

SLV-2016-09-12

Spot silver prices themselves declined 2.4% to $18.90 per share in early trading Monday. Following a quick early September bounce, silver is now off almost 6% from its weekly highs.

Silver mining ETFs aren’t active in the premarket, but investors can safely bet on a continued pullback there as well. The Global X Silver Miners ETF (NYSE:SIL) has already fallen 15% over the past month:

SIL-2016-09-12

SIL has still gained a massive 144% year-to-date, but those gains are looking very unsustainable right now. A combination of lower silver prices and profit-taking could well lead to a sustained big pullback over the next several months.

If the Federal Reserve continues to hint at interest rate hikes, the sell-off would likely accelerate.

Both gold and oil were also down this morning, amid a broad commodity market pullback, with a strengthening dollar also hurting the value of commodities versus the U.S. currency.


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