Silver exchange traded funds are surging, with silver bullion set for its best weekly gain in almost three years and the precious metal approaching a two-year high.
Over the past week, the iShares Silver Trust ETF (NYSEArca: SLV) rose 8.3% and Global X Silver Miners ETF (NYSEArca: SIL) gained 12.3%. Year-to-date, SLV is up 35.4% and SIL is 134.0% higher.
Related: Can Silver ETFs Extend Bullish Ways?
Comex silver futures increased 5.7% Friday to $19.69 per ounce, pushing toward a 22-month high on a weakening U.S. dollar and the ongoing search for safety.
Precious metals, notably silver, has benefited from safe-haven bets as a result of the United Kingdom’s decision to exit the European Union, or so-called Brexit.
“We have got the Brexit result, but that is a result without a resolution,” George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, told MarketWatch. Many uncertainties remain and “these will likely continue to roil financial markets, which should benefit gold.”
Related: Silver ETFs Surge Thanks to Safe-Haven Demand
Fawad Razaqzada, market analyst at Forex.com and City Index, also pointed out that silver has significantly outperformed gold’s post-Brexit gains as silver, unlike gold, “has also many industrial uses and so when base metals like copper rally, silver benefits from this source, too.”
[related_stories]Moreover, the U.S. dollar, which typically has an inverse relationship with precious metals prices, declined Friday. The U.S. Dollar Index, which tracks the U.S. dollar’s movement against a group of major foreign currencies, dipped 0.2% to 95.7 – it was the dollar’s third decline in the past four days.
Related: Attractive Fundamentals Could Further Support Precious Metals ETFs
Investors who are interested in following the silver asset have a number ETF options available.
Silver ETFs and ETN include:
- ETFS Physical Silver Shares ETF (NYSEArca: SIVR)
- iShares Silver Trust ETF (NYSEArca: SLV)
- Powershares DB Silver Fund ETF (NYSEArca: DBS)
- ETRACS CMCI Silver TR ETN (NYSEArca: USV)
Leveraged silver ETFs:
- ProShares Ultra Silver ETF (NYSEArca: AGQ)
- VelocityShares 3x Long Silver ETN (NYSEArca: USLV)
- ProShares UltraShort Silver ETF (NYSEArca: ZSL)
- VelocityShares 3x Inverse Silver ETN (NYSEArca: DSLV)
Silver miner ETFs:
- Global X Silver Miners ETF (NYSEArca: SIL)
- iShares MSCI Global Silver Miners Fund ETF (NYSEArca: SLVP)
- PureFunds ISE Junior Silver ETF (NYSEArca: SILJ)
For more information on the silver market, visit our silver category.