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.

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.