After selling off since early November, silver and its related ETFs are showing signs of life on Tuesday, rallying along with stocks and index ETFs on the first day of December.

Silver futures prices are surging in midday U.S. trading Tuesday, up more than 6.5%, amid significant short covering in the futures market, as well as bottom picking in the cash market. After a considerable drop in November that drove gold to a five-month low and silver to a nine-week low to close the month, bulls are now expressing interest in the commodities.

Both precious metals have been rallying strongly on Tuesday, with February gold futures last up over $38.00 to trade at $1,819.00, while the March Comex silver has added an impressive $1.542 to trade at $24.135 an ounce. The iShares Silver Trust (SLV) added almost 6%.

Several factors may be contributing to the outperformance of silver today. Stocks and precious metals markets could be bolstered by headlines that lawmakers are collaborating on a potential financial stimulus package for Americans, something that has proven fruitless recently.

A precipitous drop in the U.S. dollar index to a 2.5-year low today is also helping silver gain favor. In addition, Bitcoin is seeing some serious action, and the crypto approaching its 2017 highs near $20,000 is driving action in silver. Some are favoring Bitcoin as the new safe-haven gold. Reports also indicate that the lustrous metal has seen three consecutive weeks of gold-backed ETF outflows.

Analysts are encouraged by the moves in silver as well, with some claiming this could be a turning point after the protracted downdraft in recent months.

“Pullbacks at this point in time will probably be supported all the way down to the 200 day EMA, although I am not comfortable jumping “all in” at this point due to the fact that the silver markets of course have been drifted lower for some time, but I do think that we are at a potential inflection point. If we can get a move above the 50 day EMA, that may cause some follow-through in the silver market and therefore I think that it is only a matter of time before we would go looking towards the $26 level,” according to Christopher Lewis of FXempire.com.

“Longer-term I do like precious metals and have been advocating for them for some while, but it has been a tough couple of months,” wrote Lewis.

For investors looking to use ETFs to trade precious metals, Aberdeen has quite a collection. Aberdeen’s suite includes the Aberdeen Standard Gold ETF Trust (SGOL), which comes with a 0.17% expense ratio, and the Aberdeen Standard Physical Silver Shares ETF (SIVR),  which has a 0.30% expense ratio. Additionally, the Aberdeen Standard Physical Precious Metals Basket Shares (NYSEArca: GLTR), which has a 0.60% expense ratio, is offers a cornucopia of metals including gold, silver, platinum, and palladium.

For more news, information, and strategy, visit the Equity ETF Channel.