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Silver ETF (SLV) Hits New 52-Week High
For investors seeking momentum, iShares Silver Trust (SLV - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 38.7% from its 52-week low of $24.25 per share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
SLV in Focus
The fund offers exposure to the day-to-day movement of the price of silver bullion. It charges 50 bps in fees per year (see: all the Precious Metals ETFs here).
Why the Move?
Silver has been an area to watch lately, given the surge in the metal’s price. Silver soared to its highest level in more than a decade. The rally comes amid a weakening U.S. dollar, persistent supply deficit, heightened global trade uncertainty and rising interest in precious metals as geopolitical and economic hedges.
More gains ahead?
The ETF SLV might continue its strong performance in the near term, with a positive weighted alpha of 30.20, which gives cues of a further rally.