Precious metals continue to be a leading asset, easily beating the major stock market indices thus far this year.
With Gold and Silver prices rising significantly, it’s also good to mention that gold and silver related equities (miners, etc) have also been peak performers.
Today, we are going to take a peak at the Silver ETF (SLV) and discuss its recent bounce.
And why this “leg” may have further upside.
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$SLV Silver ETF “daily” Chart
Here we can see that SLV responded to the July pullback with a strong bounce off its 50-day moving average in July. Momentum is rising and all 3 moving averages are rising. So there aren’t any major cracks in the bulls case yet. I’ll be watching the 50-day moving average.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
