The iShares Silver Trust (NYSEArca: SLV) changed hands above $40 a share for the first time in its history Monday while its bullion holdings exceeded 370 million ounces.

The silver ETF was up 0.5% in afternoon trading to start the week while futures prices traded above $41 a share.

“The silver market is the one everyone is in love with and afraid of missing the boat. People fully expect silver to get to $50,” strategist Matthew Zeman at Kingsview Financial told Bloomberg.

The $14.5 billion silver ETF is up more than 40% over the past three months as prices have surged. It was second on the list of most actively traded ETFs Monday by share volume. The ETF was launched in 2006 and has an expense ratio of 0.5%.

Last week, the amount of bullion held by iShares Silver Trust rose to a record.

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