Fundamentals are supportive of further upside for silver ETFs. “Silver is benefiting from a drop in total supply, a pickup in manufacturing and increased demand from China,” writes Balchunas.

Investors should also pay attention to the gold/silver ratio, the measurement of how many ounces of the white metal needed to purchase one ounce of its yellow counterpart. The ratio has been in rally mode since early June and if it breaks the multi-year resistance it is currently flirting with, that could portend added upside for both metals and the corresponding ETFs. [Important Clues From the Gold/Silver Ratio]

iShares Silver Trust

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of SLV.