Looking Beyond Gold ETFs

NEW YORK (TheStreet) -- As gold hits record highs day after day, the performance of other precious metals and hard-asset producers have been largely overlooked.

Investors looking to gain exposure to precious metals and commodities have options beyond the popular bullion-backed SPDR Gold Shares (GLD) and equity-backed Market Vectors Gold Miners (GDX) and Market Vectors Junior Gold Miners (GDXJ). The massive iShares Silver Trust (SLV) offers physically-backed exposure to silver, while Market Vectors Hard Asset Producers (HAP) offers diversified exposure to hard asset producers.

iShares Silver Trust: Silver is the most plentiful and least expensive of the precious metals. Unlike gold, silver is a necessary ingredient for a number of industries, including jewelry producers and photography, and it has several industrial uses as well. This demand will continue to rise as the global economy picks up.

Most investors looking for a pure play on silver have turned to the iShares Silver Trust. This massive fund boasts $5.5 billion in assets and has gained nearly 63% year to date. SLV is backed by physical silver held by the iShares Silver Trust, which according to the fund's Web site currently amounts to 9,252.02 tons. The fund is very liquid, with an average volume of 11.9 million shares trading hands each day.

The ETFs Physical Silver Shares (SIVR) is also backed by physical silver held in a vault by custodian HSBC. This fund, launched July 24, has gained 33.25% through Nov. 23. With $181.7 million in assets and an average trading volume of 180,000, it still has plenty of ground to cover before it catches up with SLV.