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Silver fell towards $58.50 an ounce on Friday as a modest rebound in the US dollar prompted traders to trim positions after two sessions of gains. The metal was down about 0.8% at $58.52 in early trade, snapping a brief recovery that followed the Federal Reserve's decision to keep interest rates unchanged.
To say silver is in the midst of a precipitous decline is an understatement. The iShares Silver Trust (SLV), the largest ETF backed by physical holdings of the commodity, is off 38% over the past six months.
On Wednesday, May 27, Direxion expanded its coverage of leveraged & inverse ETFs with the launch of four new ETFs. Each of these ETFs takes a leveraged look at a different precious metal or cryptocurrency.
Silver extended its decline for a third consecutive session on Monday, with XAG/USD trading around $74.20 per troy ounce during Asian hours. Investors reacted to India's surprise restrictions on silver imports, rising expectations of another Federal Reserve rate hike and weaker investment demand projections from UBS.
Silver prices surged 7% Monday to the highest since March.
Silver futures and ETFs are gaining on Monday, as investors swoop in to buy at perceived bargains following significant losses last week. According to experts, there has also been some chart-based buying on technical analysis levels.
SEC filings for USLV aren't indexed yet — common for recently launched funds. Browse the issuer's filings on SEC EDGAR directly.