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Silver ETFs Shined Bright In 3Q 2012

Cinthia Murphy

Silver-linked ETFs were some of the best-performing exchange-traded products in the third quarter ended Sept. 30, taking six out of the 10 top-performing spots, as investors positioned themselves to take advantage of the government's latest round of quantitative easing.

The Global X Silver Miners ETF (SIL) and the iShares MSCI Global Silver Miners Index Fund (SLVP) topped the list, each rallying 33 percent in the past three months. The physical silver ETF, ETFS Physical Silver ETF (SIVR), gained 25.5 percent in the same period.

In the past quarter, silver prices rallied 25 percent in a move that can largely be attributed to the Federal Reserve's announcement of so-called QE3, HardAssetsInvestor.com Analyst Sumit Roy told IndexUniverse.

"The fear is that QE3 may lead to inflation down the line and silver—along with gold—is seen as a hedge against that possibility," Roy said. "There were strong inflows into silver ETFs; silver ETF holdings stand at a record 600 million troy ounces, surpassing the high set last spring."

Quantitative easing also helped calm the market's nerves, putting a lot of volatility-focused strategies among the bottom performers for the quarter.

The Dow Jones industrial average tagged on 557 points between June 29 and September 28, rising 4.3 percent.

The C-Tracks ETNs on the Citi Volatility (CVOL) slipped 56.5 percent, followed by the iPath S'P 500 VIX Short-Term Futures ETN (VXX), which lost 40.8 percent in value.

Best Performers

Ticker Name Issuer Q3 2012 Flows Q3 2012 AUM ($, M) Q3 2012 TRR
SIL Global X Silver Miners Global X 0.75 376.17 33.80
SLVP iShares MSCI Global Silver Miners BlackRock - 2.41 33.09
JUNR Global X Junior Miners ETF Global X 0.57 2.76 31.46
GDXJ Market Vectors Junior Gold Miners Van Eck 391.09 3,177.79 28.68
USV ETRACS CMCI Silver Total Return ETN UBS - 7.53 28.57
DBS PowerShares DB Silver Invesco PowerShares -10.21 71.66 25.89
SLV iShares Silver Trust BlackRock 282.43 11,068.45 25.63
SIVR ETFS Physical Silver ETF Securities 29.91 641.79 25.55
UGA United States Gasoline US Commodity Funds -31.79 66.80 24.91
EGPT Market Vectors Egypt Van Eck 4.25 57.53 24.03


Worst Performers

Ticker Name Issuer Q3 2012 Flows Q3 2012 AUM ($, M) Q3 2012 TRR
CVOL C-Tracks Exchange-Traded Notes on the Citi Volatility CitiGroup 2.59 5.34 -56.65
VXX iPath S'P 500 VIX Short-Term Futures ETN Barclays Capital 928.03 1,682.25 -40.83
VIIX VelocityShares VIX Short Term ETN VelocityShares -36.39 16.38 -40.79
VIXY ProShares VIX Short-Term ProShares 105.24 165.80 -40.53
VIIZ VelocityShares VIX Mid Term ETN VelocityShares - 5.86 -27.72
VXZ iPath S'P 500 VIX Mid-Term Futures ETN Barclays Capital -65.00 129.12 -24.38
VIXM ProShares VIX Mid-term ProShares 36.93 94.43 -24.36
VNM Market Vectors Vietnam Van Eck -12.98 257.82 -12.63
GRN iPath Global Carbon ETN Barclays Capital -0.13 1.26 - 9.76
TAN Guggenheim Solar Guggenheim 0.16 45.72 - 8.62




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