The iShares Silver Trust (NYSEArca: SLV) and ETFS Physical Silver Shares (NYSEArca: SIVR), which are backed by physical silver bullion, are up just over 5% over the past week, marking one of the most impressive stretches for the silver exchange traded funds since earlier this year.
Some commodities market observers believe silver has more upside ahead of it and that the recent pop for the white metal is a sign of a potentially epic rally. That sentiment could be bolstered by the struggling dollar.
The PowerShares DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP), the tracking exchange traded fund for the U.S. Dollar Index, is one of the worst-performing currency exchange traded funds this year. UUP is lower by almost 9% year-to-date. Silver and other commodities are denominated in U.S. dollars, meaning weaker greenback is often supportive of upside for commodities prices.