The latest surge in silver prices to fresh 31-year highs pushed exchange traded funds (ETFs) that invest the metal to a 2% gain in early U.S. trading Wednesday.

Silver rose above $45 an ounce in morning action. The metal has seen only four down days in the past month, according to a report Wednesday.

“Silver bulls note that the futures curve continues to flirt with backwardation, evidence the market remains tight, while physical silver exchange-traded fund products like the Sprott Physical Silver Trust (NYSEArca: PSLV) are trading at significant premiums to their net asset value, indicating investor appetite remains undimmed,” Dow Jones Newswires reported. [Silver ETFs See Performance Diverge on Premium.]

The $15.4 billion iShares Silver Trust (NYSEArca: SLV) was up more than 2% in recent trading to a new 52-week high.

Gold ETFs also rose Wednesday as prices climbed above $1,500 an ounce and the dollar weakened.

iShares Silver Trust (NYSEArca: SLV)

Full disclosure: Tom Lydon’s clients own SLV.

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