Exchange traded funds (ETFs) tracking silver were flat Friday afternoon despite the 2% rally in their gold counterparts to fresh record highs.

The iShares Silver Trust (NYSEArca: SLV) was little changed late in the session as it again topped the daily volume list in terms of shares traded. [Silver Pushes Aside S&P 500 in ETF Trading Volume.]

Gold ETFs rallied 2% on Friday as Federal Reserve chief Bern Bernanke said the U.S. economy still isn’t where it needs to be. [Gold ETF Surges 2% to End Week as Bernanke Speaks.]

Some traders have been positioning for gold to outperform silver on a relative basis. “Poor man’s gold” has been trouncing the real thing on performance this year, sending the gold to silver price ratio to multidecade lows. [Short Silver, Go Long Gold ETF in Relative Value Play: Analyst.]

Other exchange traded products for silver include ETFS Physical Silver (NYSEArca: SIVR), PowerShares DB Silver (NYSEArca: DBS) and Sprott Physical Silver Trust (NYSEArca: PSLV).

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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