Exchange traded funds (ETFs) for silver were rising Wednesday as a test of $40 an ounce for the metal appears to have held for now after a pullback earlier this week.

The iShares Silver Trust (NYSEArca: SLV) was up more than 1% in midday trading.

The silver ETF’s bullion holdings reportedly fell about 30 tons from a record Tuesday, one day after silver prices fell hard.

Traders have been using options on the silver ETF this week to bet on a fall in the metal’s price.

Global X Silver Miners (NYSEArca: SIL), an ETF that invests in miner shares, rallied nearly 3% in recent trading Wednesday.

iShares Silver Trust

For full disclosure, Tom Lydon’s clients own SLV.

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