Silver Proves To Be The Devil's Metal All Over Again (SLV, AGQ, SIL, SLW, PAAS, EXK, SVM, GDX, GDXJ)

Commodities & Metals

Published: June 21, 2012 9:55 am

Last Updated: April 28, 2020 4:54 am

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

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.