Silver etfs hit resistance at 50-day average
Silver exchange traded funds are off to a rocky start this week after slamming into resistance at the 50-day moving average, a key technical indicator.
ETFs that invest in the precious metal have traded lower this month after the big sell-off on Feb. 29.
Silver prices briefly fell below $32 an ounce on Wednesday morning before recovering somewhat. Some analysts have blamed this week’s pullback in metals on concerns over China’s economic growth.
However, the Silver Institute’s annual Silver Jewelry Sales Survey found that 77% of U.S. jewelers reported a year-over-year increase in silver jewelry sales in 2011, Dow Jones Newswires reports.
ETFs that follow silver prices include iShares Silver Trust ,PowerShares DB Silver Fund and ETFS Physical Silver Shares .
The silver funds are still up about 16% year to date even with the recent weakness.
ETFS Physical Silver Shares
- CME to launch 1,000/oz silver futures contract in June - April 18th, 2013
- Capitalizing on iShares Silver Trust ETF's bearish trend - April 17th, 2012
- Gold,Silver spot prices to drive mining stocks: Profit Confidential - March 8th, 2012
- SLV Silver short interest at 70% of annual US production - January 30th, 2012
- Gold and silver etfs advanced this week - January 29th, 2012
- Silver stocks advance, SIL hits 2-month high - January 27th, 2012
- Gold and silver ETFs opened Wednesday down for a second-straight session - January 26th, 2012
- Pan American Silver set to acquire Minefinders - January 23rd, 2012