The latest surge in silver prices to fresh 31-year highs pushed exchange traded funds (ETFs) that invest the metal to a 2% gain in early U.S. trading Wednesday.
Silver rose above $45 an ounce in morning action. The metal has seen only four down days in the past month, according to a report Wednesday.
“Silver bulls note that the futures curve continues to flirt with backwardation, evidence the market remains tight, while physical silver exchange-traded fund products like the Sprott Physical Silver Trust (NYSEArca: PSLV) are trading at significant premiums to their net asset value, indicating investor appetite remains undimmed,” Dow Jones Newswires reported. [Silver ETFs See Performance Diverge on Premium.]
The $15.4 billion iShares Silver Trust (NYSEArca: SLV) was up more than 2% in recent trading to a new 52-week high.
Gold ETFs also rose Wednesday as prices climbed above $1,500 an ounce and the dollar weakened.
iShares Silver Trust (NYSEArca: SLV)
Full disclosure: Tom Lydon’s clients own SLV.
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.