For investors seeking momentum, Global X Silver Miners ETF (SIL - Free Report) is probably on radar. The fund just hit a 52-week high and is up 120.4% from its 52-week low price of $16.00/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
The underlying Solactive Global Silver Miners Total Return Index seeks to measure broad-based equity market performance of global companies involved in the silver mining industry (see: all Materials ETFs here).
Why the Move?
Both gold and silver were strong last week, but silver recorded bigger gains than gold. Silver is often considered as an industrial metal too. So, the reopening of economies may be helping silver more than the yellow metal as reopening means pickup in industrial activities. Probably this is why, silver miners gained lately.
More Gains Ahead?
Currently, SIL has a positive weighted alpha of 101.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
For investors seeking momentum, Global X Silver Miners ETF (SIL - Free Report) is probably on radar. The fund just hit a 52-week high and is up 120.4% from its 52-week low price of $16.00/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
The underlying Solactive Global Silver Miners Total Return Index seeks to measure broad-based equity market performance of global companies involved in the silver mining industry (see: all Materials ETFs here).
Why the Move?
Both gold and silver were strong last week, but silver recorded bigger gains than gold. Silver is often considered as an industrial metal too. So, the reopening of economies may be helping silver more than the yellow metal as reopening means pickup in industrial activities. Probably this is why, silver miners gained lately.
More Gains Ahead?
Currently, SIL has a positive weighted alpha of 101.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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