(Bloomberg) -- As silver extends its surge to the highest level since 2013, traders are rushing into an ETF tracking miners.
The Global X Silver Miners exchange-traded fund (SIL) posted its ninth straight day of inflows, the longest streak on record, according to data compiled by Bloomberg. Meanwhile, the $11.1 billion iShares Silver Trust (SLV) lured cash for a fifth day.
Silver funds are taking a turn under the spotlight as some investors seek to hedge against the outlook for an uneven economic recovery. That's sparked increased demand for havens amid a resurgence in coronavirus cases, flaring political tensions and a weaker dollar. Holdings in ETFs backed by silver are at a record high.
“It's easy to forget about silver -- gold takes so much of the attention,” says Eric Balchunas, an ETF analyst at Bloomberg Intelligence. “It might be in that sweet spot of, you know, vaccine optimism. At the same time, people want to own a precious metal for the money printing of the Fed, as some kind of inflation hedge, something that's real.”
Spot silver jumped as much as 8.1% on Wednesday to the highest since 2013, before trimming some of its gains.
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