Gold and silver exchange traded funds (ETFs) were set for a lower open Tuesday following the previous session’s rally as traders positioned for options expiration.

The iShares Silver Trust (NYSEArca: SLV) was down 2% in premarket trading Tuesday, while SPDR Gold Shares (NYSEArca: GLD) was slipped fractionally.

Silver on Monday pulled back from a move toward $50 an ounce while the silver ETF saw record trading volume.

“People are watching out for options expiry,” said Yingxi Yu, an analyst at Barclays Capital, according to Reuters. “There are decent-sized open interests at the strike levels of $40, $45 and $50. When there are large positions, it tends to suggest that prices may sway to those levels on options expiry.”

As of April 25, the silver ETF held assets of nearly $17 billion and 366.2 million ounces of bullion, according to manager BlackRock. The ETF has jumped nearly 80% over the past three months.

iShares Silver Trust (NYSEArca: SLV)

Full disclosure: Tom Lydon’s clients own GLD and SLV.

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