For investors seeking momentum, Global X Silver Miners ETF (SIL Quick QuoteSIL - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up over 200% from its 52-week low price of $14.94 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

SIL in Focus    

SIL focuses on companies engaged in the silver industry including companies that mine, explore or refine silver. SIL charges investors 65 basis points a year in fees and has top holdings in Fresnillo Plc and Silver Wheaton Corp and PAN American Silver Corp (see all materials ETFs here).

Why the Move?

The silver mining sector has been an area to watch lately as precious metals are rallying hard on a softer greenback. Also, a flight to safety boosted this safe-haven metal post Brexit. Additionally, reduced expectations for a Fed rate hike anytime soon thanks to the likely Brexit-related uncertainty showered gains on silver and the related mining stocks.

Plus, silver has high usage in industrial activities with about 50% of total demand coming from industrial applications. With manufacturing activities in the U.S. showing signs of improvement lately, investors’ interest in silver mining stocks has grown.

More Gains Ahead?

It seems that this fund will see strong trading given an extremely high weighted alpha of 131.90. A positive weighted alpha hints at more gains. As a result, there is still some promise for investors who want to ride this surging ETF a little further.

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