Silver ETF Plunges 2.5% on Positive Jobs Data

silver pricesSilver prices are falling this morning, on the heels of a better-than-expected jobs report that sparked investor buying of stocks, but selling of safe havens like precious metals.

The iShares Silver Trust ETF (NYSE:SLV), which is the largest exchange traded fund that tracks the price of silver, fell to the lowest levels since late July on the news:

SLV-2016-08-05

The SLV is still up more than 43% year-to-date, but if economic data remains strong over the next several months, it’s safe to expect a sustained pullback prior to silver resuming its rally.

Silver prices themselves fell to $19.77 per ounce, down $0.54 (-2.68%). The alternative precious metal has come in vogue this year as investors around the globe have sought hard assets amid global economic uncertainty.

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