SIL would need to rise just to get back to the price area at which it debuted in April 2010. This year’s woes for ETFs like GDX, SIL and rival funds indicate investors need to be patient. They also need to be careful about calling a bottom.
“While I am starting to get bullish for a long term investment in precious metals I know that a bottom has likely not yet been made. But even if it has been, it is better to buy during a basing pattern or breakout to the upside from a basing pattern than to be underwater with a position for an extended period of time along with all the other negatives that come along with it,” added Vermulen.
Global X Silver Miners ETF
ETF Trends editorial team contributed to this post.