Triple-Leveraged Silver ETC Snaps Back on Jobs Miss, Yet 50% Monthly Wipeout Shadows Rally

A disappointing US jobs report nudges the Fed towards a rate hike delay, sending spot silver and the leveraged ETC sharply higher, though the fund remains deeply in the red over the past month.

A surprisingly weak June jobs report has thrown a lifeline to the WisdomTree Silver 3x Daily Leveraged ETC, propelling the high-octane product nearly 7% higher on the day. The $8.28 close, however, masks a brutal stretch that has erased more than half the fund’s value over the past month.

The US economy added just 57,000 new positions in June, less than half the 110,000 analysts had penciled in. The unemployment rate ticked down to 4.2%. Markets read the data as a green light for the Federal Reserve to delay its next rate increase, with the probability of a September hike falling below 50% in some calculations – though separate remarks from Fed chief Kevin Warsh, who called inflation “still too high,” kept a 64% chance of a hike alive.

The dollar retreated sharply on the jobs miss, with the DXY sliding 0.4% to around 101. A softer greenback makes dollar-denominated metals cheaper for overseas buyers, and spot silver surged more than 3% to clear $61. The triple-leveraged ETC leveraged that move into a near-7% daily gain, extending its seven-day return to over 17%.

Yet the rally barely dents the fund’s recent pain. Over the last 30 days the ETC has shed 52.34% of its value, a collapse fueled by the same leveraged structure that now amplifies the rebound. The annualized volatility stands at 151.02%, a reminder that daily resets compound losses in downtrends just as aggressively as gains.

Beyond the noise of jobs data and Fed expectations, the underlying silver market is drawing support from a persistent structural deficit. Analysts expect the sixth consecutive annual shortfall in 2026, with the gap widening to 46.3 million ounces. Demand from solar manufacturers – now accounting for nearly a fifth of global consumption – along with electric-vehicle production, semiconductors, and the expanding network of AI data centers is keeping industrial offtake strong.

On the charts, spot silver is testing the immediate resistance zone near $62.50. A clean break above that level would give the levered ETC further momentum; failure could send it back toward the core support at $57. The Relative Strength Index has clawed back to 34.4, edging out of oversold territory but still indicating limited buying conviction.

For the triple-leveraged product, the near-term trajectory hinges on whether incoming US data confirms the labor-market weakening or whether the Fed’s hawkish tone reasserts itself. With a 64% probability of a September rate hike still priced in, the path of least resistance remains anything but smooth.