WPM - SIL: Silver Miners Pausing After A Strong First Half Bearish Seasonal Trends
2024-07-09 09:47:06 ET
Summary
- Silver was the top-performing major metal in the first half of the year, reaching 12-year highs in 2024.
- The Global X Silver Miners ETF has been underperforming silver in the past two months after years of negative alpha.
- SIL has a concentrated portfolio, an elevated expense ratio, and bearish seasonality, making it a risky investment with a hold rating.
- The chart is mixed with long-term bullish trends and near-term mixed readings.
The Global X Silver Miners ETF (SIL) benefitted from a very strong first-half performance by silver, the precious and industrial metal. Gains have been impressive to begin the third quarter, too. The price of an ounce of silver was up seven sessions running coming into this week, approaching the highs from back in May. A rally through $32.75 would mark silver’s best level going back to 2012. But silver miners, as measured by SIL, have been underperforming the metal in the past two months after many years of negative alpha. ...
SIL: Silver Miners Pausing After A Strong First Half, Bearish Seasonal Trends