Silver ETF outflows hit record levels

Silver ETFs lost over 32.6m ounces of the precious metal last week, marking the largest weekly drop ever seen, as the price of silver tumbled. With silver at $37 an ounce, redemptions of 32.6m ounces equates to outflows of around $1.2bn. iShares Silver Trust and ZKB Silver recorded redemptions worth 25m ounces and 6m ounces respectively, after a week in which the silver spot price fell 12.7%. Meanwhile, oil plummeted over 17% and we saw a sell-off across the sector particularly strong in the Dow Jones Stoxx 600 Optimised Oil & Gas ETFs from Source and iShares. Despite the well-p...