Commodities & Metals
Silver Proves To Be The Devil's Metal All Over Again (SLV, AGQ, SIL, SLW, PAAS, EXK, SVM, GDX, GDXJ)
Published:
Last Updated:
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
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.