The largest exchange traded fund (ETF) for silver turned lower in morning action Monday, erasing its earlier gains after a report estimating new-home sales rose about 11% in March.

The iShares Silver Trust (NYSEArca: SLV) was lower by 1% at last check after rising more than 5% in premarket dealings.

It was the most active ETF Monday morning as more than 40 million shares exchanged hands in the first hour of U.S. trading. The silver ETF already surpassed its average daily trading volume.

iShares Silver Trust

Full disclosure: Tom Lydon’s clients own SLV.

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