With commodities on the retreat and with preliminary inflation running very low, you can imagine that the gold and silver markets are trading softer again. Gold is down 1.3% at $1581.50 per ounce, but silver is proving to be the devil’s metal all over again as the drop here is now -3.2% to $27.49 per ounce.
Today’s move is proving to be brutal to the ETFs and shares around silver. The iShares Silver Trust (AMEX: SLV) is down 1.9% at $26.74 and the ProShares Ultra Silver (AMEX: AGQ) is down 3.75% at $38.48.
The miners are n’t faring too well either as the Global X Silver Miners ETF (AMEX: SIL) is down 2.3% at $19.56. Silver Wheaton Corp. (NYSE: SLW) is down 3.2% at $27.43; Pan American Silver Corp. (NASDAQ: PAAS) is down 2.6% at $18.48; Endeavour Silver Corp. (NYSE: EXK) is down 2.7% at $9.24; and Silvercorp Metals Inc. (NYSE: SVM) is down 2.8% at $6.20.
The gold miners have much overlap with silver miners, and the two mining ETFs are down with Market Vectors Gold Miners ETF (AMEX: GDX) down 2.3% at $46.20 and Market Vectors Junior Gold Miners ETF (AMEX: GDXJ) down 2.9% at $20.35.
Silver is in many cases nothing more than a leveraged move and speculative move on gold. They call it the devil’s metal for a reason.
JON C. OGG