A silver exchange traded fund (ETF) jumped more than 2% Thursday afternoon to a new record high, but some analysts continue to warn that when the metal does correct, the move could be swift and painful.

The rally in iShares Silver Trust (NYSEArca: SLV) is “relentless,” the ETF Review newsletter from Investors Intelligence said Thursday.

Yet what goes up must come down and with such momentum a correction may only be a few days away, it said.

“We would avoid SLV with a barge pole as when it turns the decline will be sharp and deep,” the newsletter added. “Purely for speculators.”

The silver ETF was up 64.3% for the three months ended April 20, according to Morningstar, as prices hit 31-year highs.

Full disclosure: Tom Lydon’s clients own SLV.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.