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Silver Mining ETF (SIL) Hits New 52-Week High

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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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