However, there are some tepid assessments of silver. HSBC said earlier this week it expects silver to trade in a range of $17 to $23 per ounce “for the remainder of 2013, thanks to the rising supply of the metal, the dampening effect of Fed policy shifts and weaker demand from ETFs.”
Based on Wednesday’s closing price of $21.09 for SLV, a move to $23 implies upside of about 9%. Investors looking for some more bang for their respective bucks can try the double-leveraged ProShares Ultra Silver (NYSEArca: AGQ).
iShares Silver Trust
ETF Trends editorial team contributed to this post.