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VelocityShares 3x Long Silver ETN (USLV)

- NASDAQ
  • Aug. 14, 2014, 2:16 PM
    • Silver Wheaton (SLW -5.3%) and Pan American Silver (PAAS -5.3%) are both sharply lower as low silver prices combined with still-high costs combine to weigh on Q2 results.
    • SLW said its silver equiv. realized price fell from $23.05/oz. a year ago to $19.83 in this year's Q2; gold sales accounted for ~30% of sales, and SLW’s realized gold price of $1,295/oz. was included in a 14% drop in the silver equiv. price.
    • In Q2 results for PAAS, the average realized price for silver was $19.58/oz., down from $22.68 in the year-ago quarter; gold, which accounts for ~25% of sales, also suffered, fetching $1,289/oz.vs. $1,423 a year ago.
    • ETFs: AGQ, USLV, ZSL, DSLV, DBS, USV
    | 1 Comment
  • Nov. 11, 2013, 8:24 AM
    • Silver Wheaton (SLW) reported record Q3 attributable silver equiv. production of 8.9M oz. vs. 7.6M oz. in the year-ago quarter, up 17% Y/Y; average realized sale price per silver equiv. oz. was $21.26 vs $31.36 a year ago. (Q3 earnings)
    • Q3 total revenues rose 3.2% Y/Y to $166.4M but missed consensus by ~$21M, due largely to the 32% drop in the average realized silver equiv. price.
    • Average cash costs were $4.73 per silver equiv. oz. vs. $4.16 a year ago, primarily due to an increase in gold sales (35.3K oz. in Q3 2013 vs. 6.9K oz. in Q3 2012) associated with Hudbay's 777 mine and Vale's Sudbury and Salobo mines; the average cash cost per gold oz. was $386, or $6.30 per silver equiv. oz., reducing margins 39% Y/Y.
    • Shares -0.4% premarket.
    • ETFs: SIL, SLVP, SLV, AGQ, SIVR, ZSL, USLV, DBS, DSLV, SLVO, USV
    | 1 Comment
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USLV Description
"The VelocityShares 3x Long Silver ETNs linked to the S&P GSCI® Silver Index ER (the “ETNs”) are senior, unsecured obligations of Credit Suisse AG (“Credit Suisse”) acting through its Nassau branch. The ETNs seek to provide long exposure to three times (3x) the daily performance of the S&P GSCI® Silver Index ER (the “Index”) plus a daily accrual equal to the return that could be earned on a notional capital reinvestment at the three month U.S. Treasury rate as reported on Bloomberg under ticker USB3MTA, less the daily investor fee. The ETNs are intended to provide traders with an exchange traded instrument enabling them to efficiently express their market views on the COMEX silver future."
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