Silver exchange traded funds are surging, with silver bullion set for its best weekly gain in almost three years and the precious metal approaching a two-year high.
Over the past week, the iShares Silver Trust ETF (NYSEArca: SLV) rose 8.3% and Global X Silver Miners ETF (NYSEArca: SIL) gained 12.3%. Year-to-date, SLV is up 35.4% and SIL is 134.0% higher.
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Comex silver futures increased 5.7% Friday to $19.69 per ounce, pushing toward a 22-month high on a weakening U.S. dollar and the ongoing search for safety.
Precious metals, notably silver, has benefited from safe-haven bets as a result of the United Kingdom’s decision to exit the European Union, or so-called Brexit.
“We have got the Brexit result, but that is a result without a resolution,” George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, told MarketWatch. Many uncertainties remain and “these will likely continue to roil financial markets, which should benefit gold.”