Silver exchange traded funds climbed 2% in Tuesday’s premarket as the precious metal rose above $36 an ounce for the first time since September.
Silver is the top-performing commodity in 2012 with a 25% rally year to date. [India, Energy, Silver ETFs Among Most Overbought]
“However the big question for silver investors is whether its current rate of progress is sustainable,” according to Mineweb.
Some of the largest silver ETFs include iShares Silver Trust (NYSEArca: SLV), PowerShares DB Silver Fund (NYSEArca: DBS) and ETFS Physical Silver Shares (NYSEArca: SIVR). [List of Silver ETFs]
Silver ETFs are rallying after recently breaking through the 200-day average. [Silver ETFs at Five-Month High]
NYSE Euronext’s U.S. futures market has launched gold and silver options, “the latest in a series of exchange moves to tap burgeoning retail and hedge fund demand for metals trades,” the Financial Times reports.
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV.