The iShares Silver Trust (NYSEArca: SLV) was up more than 5% in premarket trading Monday as prices for the metal climbed above $49 an ounce.

The silver exchange traded fund (ETF) was trading around $48 a share to a new record high in preopen action.

The $16.6 billion fund has jumped more than 70% over the past three months amid the historic rally in silver prices while the dollar has weakened.

iShares Silver Trust

Full disclosure: Tom Lydon’s clients own SLV.

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