For investors seeking momentum, Global X Silver Miners ETF (SIL Quick QuoteSIL - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 82.9% from its 52-week low price of $29.58/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 of where it might be headed:

SIL in Focus

The Solactive Global Silver Miners Total Return Index seeks to measure broad-based equity market performance of global companies involved in the silver mining industry. The product charges 65 bps in annual fees (See: all Materials ETFs here).

Why the Move?

Silver has been an area to watch lately, given the surge in the metal’s price. Silver ETF SLV gained 4.4% on August 7, 2025. The rally came amid a weakening U.S. dollar, persistent supply deficit, heightened global trade uncertainty and rising interest in precious metals as geopolitical and economic hedges. As mining stocks act as leveraged plays of the underlying metal, SIL has every reason to surge.

More gains ahead?

SIL might continue its strong performance in the near term, with a positive weighted alpha of 54.01 (as per Barchart.com), which gives cues of a further rally.