Price Of Silver Rises As Dollar Weakens (AGQ, ZSL, PCU, FCX, HL)

Gold is not the only precious metal to invest in when it comes to commodities trading. Silver is also on the rise with the dollar weakening. The price of Silver finally broke through its $18 resistance to rise to $18.23 an ounce.

Investors are looking to invest more into precious metals as the dollar continues to weaken on the strain of the economy and unemployment. To add to the woes of the dollar, US President Barack Obama on his visit to China, left with no solution to the help alleviate the financial crisis.

As a result of the sudden rise in Silver commodity prices, ETFs connected with silver rose significantly in today’s market. Proshares Ultra Silver (NYSE: AGQ) rose 8.73% to $66.67. Proshares Ultra Silver does not invest directly in Silver but holds financial instruments whose value is based on the price of Silver. Understandably, Proshares Ultrashort Silver (YSE: ZSL) lost 8.55% to drop to $4.88 a share. Proshares Ultrashort Silver is based on the inverse of the performance of silver as priced in the London market.

Some companies that are heavily invested in Silver include Southern Copper Corp (NYSE: PCU) , Freeport-McMoran Copper and Gold Inc. (NYSE: FCX) , and Coeur D’Alene Mines Corp. (NYSE: CDE). Share for Coeur D’Alene Mines Corp. and Freeport McMoran experienced gains of 2.02% and 3.07% respectively. Southern Copper rose 2.75% to reach $35.55 a share. One of the biggest movers in today’s Silver market belongs to Hecla Mining Company (NYSE: HL) . Shares for Hecla went up 7.12% to reach $5.72 a share.