For a significant part of this year, silver and the related miners exchange traded funds, including the Global X Silvers Miners ETF (NYSEArca: SIL), have been stout performers, but some air has recently come out of that trade.

Silver and other precious metals enjoyed safe-haven demand as the equities market plunged into a correction. The metal also maintained its momentum as the Federal Reserve lowered its interest rate outlook to only two hikes this year from a previously expected four rate hikes.

SEE MORE: Analysis – Silver ETFs Are Outshining Gold

SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners. Some commodities market observers see more upside coming for silver and the aforementioned exchange traded funds. It could just be a matter of investors properly timing new entries into silver ETFs, including miners funds.

Due to the fact that seasonal trends are often more impactful with commodities than other asset classes, investors may want to tread carefully with silver ETFs this month because September is historically unkind to the white metal.

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“For any investor specifically seeking to target a wide array of silver mining companies, the SIL ETF remains an interesting option, to say the least. Due to the nature of precious metals, an individual portfolio’s exposure to silver should follow strict limitations that match a predetermined risk tolerance,” according to Investopedia.

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