New silver ETF starts trading on NYME

A new exchange-traded fund backed by physical silver started trading on the New York Stock Exchange Friday. The ETFS Silver Trust (SIVR- Quote) , an open-ended fund sponsored by ETF Securities USA, will track price of silver bullion. In recent trading, the ETF rose 0.3% to $13.89. The iShares Silver Trust (SLV- Quote) , the biggest silver ETF, gained 1% to $13.64. On the Comex division of the New York Mercantile Exchange, September silver features rose 0.5% to $13.84 an ounce.

Disclosure I am long SLV in my Basic Materials Folio.