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Silver Mining ETF (SILJ) Hit a New 52-Week High
For investors seeking momentum, Amplify Junior Silver Miners ETF (SILJ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 86.5% from its 52-week low price of $7.80/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
SILJ in Focus
The underlying Nasdaq Junior Silver Miners Index tracks the performance of companies engaged in the silver mining industry. The product charges 69 bps in annual fees.
Why the Move?
Silver's price jumped during the North American session, backed by falling U.S. Treasury bond yields. Even though traders lowered bets that the Federal Reserve would ease policy less aggressively than expected, precious metals extended their gains. As a result, the silver mining ETF jumped.
More Gains Ahead?
Currently, SILJ might continue its strong performance in the near term, with a positive weighted alpha of 70.91 (as per Barchart.com), which gives cues of a further rally.