Silver ETF Comeback? (SLV, SIVR, DBS, AGQ, SIL)

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Silver ETFs roared back today, with the iShares Silver Trust ETF (NYSEARCA:SLV) gaining 4.8%

Silver made a comeback today as the silver spot price increased 4.72% to close out at $32.03 per ounce.  Silver ETFs including the iShares Silver Trust (NSYEARCA:SLV), the ETFS Silver Trust (NYSEARCA:SIVR), the PowerShares DB Silver Fund ETF (NYSEARCA:DBS), the ProShares Ultra Silver ETF (NYSEARCA:AGQ), and the Global X Silver Miners ETF (NYSEARCA:SIL), all registered enormous gains as well.

The Silver ETF pack was led by the explosive ProShares Ultra Silver ETF (NYSEARCA:AGQ), a leveraged fund, which gained nearly 10% in today’s trading and was also the today’s top ETF gainer.  The PowerShares DB Silver ETF (NYSEARCA:DBS) came in a distant second with a still impressive 5% gain, at least for a non-leveraged ETF.

Why such a surge in Silver prices and Silver ETFs today?  The likely, no-longer-hidden culprit is Europe and the continued Grecian and IMF talks regarding debt and bailouts.  Typically Silver and Gold and their ETFs are valued as “safe haven” currencies which offer investors a place to park their assets until the “fiat” currencies return to power.  As of late, the decline of the US dollar and Euro dollar in fear of a possible “fiat” currency meltdown are likely causes of Silver’s rise today.

Silver ETF Update:

1. iShares Silver Trust ETF (NSYEARCA:SLV)
2. ETFS Silver Trust ETF (NYSEARCA:SIVR)
3. PowerShares DB Silver Fund ETF (NYSEARCA:DBS)
4. ProShares Ultra Silver ETF (NYSEARCA:AGQ)
5. Global X Silver Miners ETF (NYSEARCA:SIL)

Bottom Line:  Silver and Silver ETFs rose dramatically today, however anything that goes up really fast is likely to go down really fast, usually resulting in a violent correction and money lost.  Silver prices might stay high, however, if Europe and the United States currencies do not stay safe.  And with the Fed talking about another $1 Trillion QE3, silver could be in vogue for a while.

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Disclaimer: Wall Street Sector Selector trades a wide variety of ETFs and positions can change at any time.