With precious metals prices bouncing off six-year lows, gold and silver miners are finally turning around.
The PureFunds ISE Junior Silver ETF (NYSEArca: SILJ), which tracks small-cap silver miners, was the best performing non-leveraged ETF of February, surging 34.2% over the past month.
Additionally, over the past month, the iShares MSCI Global Silver Miners ETF (NYSEArca: SLVP) jumped 32.0%, iShares MSCI Global Gold Miners ETF (NYSEArca: RING) increased 34.1%, Sprott Junior Gold Miners ETF (NYSEArca: SGDJ) advanced 29.8%, PowerShares Global Gold and Precious Metals Portfolio (NasdaqGS: PSAU) gained 29.6%, Global X Silvers Miners ETF (NYSEArca: SIL) rose 25.9%, Market Vectors Gold Miners ETF (NYSEArca: GDX) returned 32.1%, Sprott Gold Miners ETF (NYSEArca: SGDM) was up 29.2%, Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) was 31.1% higher and Global X Gold Explorers ETF (NYSEArca: GLDX) added 27.9%.
“That is not my favorite area to sell right here. I think near-term as a trade gold miners continue to work” Ari Wald of Oppenheimer told CNBC, arguing that miners are a better play than the precious metals after the mining sector’s underperformance relative to the commodity recently reversed.
Max Chen contributed to this article.