Silver ETFs Extend Gains, Hit Multi-Month Highs

“Demand for American Silver Eagles remains strong after setting a sales record in 2015. The US Mint sold more than 4.1 million Silver Eagles last month, compared with 3.5 million in March 2015. Meanwhile, February silver sales at Perth Mint jumped 167.54% from the same period a year ago. It was the sixth straight month of silver sales over 1 million ounces for the Australian mint,” according to a Seeking Alpha analysis of silver.

“U.S. manufacturing expanded in March for the first time in seven months, fueled by a surge in orders, a private report showed April 1. Silver is used in industrial products ranging from electronics to solar panels,” according to Bloomberg.

On the supply side, silver miners are finding less deposits and producers are expanding into new projects, which suggests that silver could be in shorter supply ahead.

iShares Silver Trust