iShares SLV ETF Increases Holdings

iShares Silver Trust (SLV) increased their holdings of Silver in June by a massive amount. As reported on their website the trust now holds 2580 tonnes of silver with their London based holding company.

The trust held on June 8, 2006 2082 tonnes of silver and moved that holding up to the currently reported level of 2580 tonnes in just 20 short days. That’s an increase of 500 tonnes in less than 3 weeks!

The purchases came while silver was at it’s lowest point since the fund opened for business back in April dipping below $10 on several trading days during that 20 day period. It would appear as today’s prices indicated that the purchases were wise ones as spot silver surpassed the $11.00 an ounce mark to reach $11.20 an ounce in late New York trading.

The iShares Silver Trust (SLV) is an electronically traded fund run by iShares, whom specializes in ETFs. The fund holds silver in a vault for it’s shareholders and the fund is valued off this bullion minus overhead fund costs. The fund trades on the American Stock Exchange (AMEX) and rose 2.41 in days trading ending at 113.80. This comes after a strong week last week on surges late in the week for silver.