One was a gold and silver fund that advertised connections to Russian farmland investments.

WSJ: Peregrine's Vast Money Trail

Meanwhile, for silver, fund managers scaled back their net long positions by an even higher percentage.

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According to the ETF Finder at ETF Channel, CDE makes up 4.03% of the iShares MSCI Global Silver Miners Fund ETF (SLVP)which is trading lower by about 0.3% on the day Tuesday.

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