An exchange traded fund (ETF) for silver was up 2% in premarket trading Thursday as the metal’s rally shows no signs of slowing this week.

The iShares Silver Trust (NYSEArca: SLV) rose more than 2% in preopen action. The ETF holds $16 billion in assets and nearly 360 million ounces of silver, or more than 11,000 metric tons.

Silver traded over $46 an ounce to a new 31-year high on Thursday. The metal has rallied 30.7% over the past month, pushing the gold/silver ratio to the lowest level since 1983, according to FastMarkets.

The iShares Silver Trust was up 64.3% for the three months ended April 19, according to Morningstar.

iShares Silver Trust

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.

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