Silver exchange traded funds have climbed above the 200-day simple moving average to their highest levels in five months.
The 3% rally Thursday carried silver ETFs over the 200-day moving average for the first time since September 2011. [List of Silver ETFs]
Silver ETFs such as iShares Silver Trust (NYSEArca: SLV), PowerShares DB Silver Fund (NYSEArca: DBS) and ETFS Physical Silver Shares (NYSEArca: SIVR) are up nearly 30% so far this year. [Chart of the Day: Silver ETFs and Miners]
Silver prices touched a five-month high at $35.70 an ounce on Friday and are up about 7% this week for their best weekly performance since mid-January, Reuters reports. Silver is outperforming gold and other precious metals so far in 2012. [What Silver ETFs are Saying About Precious Metals]
“There is key support around $33.60 from the trendline off the December low,” said ScotiaMocatta in the report. “We are bullish so long as we remain above the trendline. The next target is $35.68, the October high.” [Poor Man’s Gold: Silver ETFs Shine]
iShares Silver Trust
Full disclosure: Tom Lydon’s clients own SLV.
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