As most of you could have surmised yourselves, the volume of silver and silver contracts traded over the past few days has been some of the highest levels witnessed.
Over the past 48-72 hours, trading in SLV has overcome trading in SPDR.
Day traders “are going crazy,” says Joseph Saluzzi, co-head of trading at brokerage firm Themis Trading. “It’s typical of the bubbly speculation that’s been going on in silver.”
On Monday, trading in the silver ETF was especially heavy, as silver prices soared to new 31-year highs and approached $50 an ounce. Silver is up 46% this year, part of a nine-month rally. The heavy ETF trading continued on Tuesday, as silver prices retreated.
The volume traded of SLV on monday was around 189 million shares, a record to date. On Tuesday, 125 million shares traded hands.
Silver has been in a slide over the last few trading days, off from its 52 week high.
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