Global X Silver Miners ETF (NYSEArca: SIL) was among the sharpest decliners in exchange traded funds (ETFs) Monday afternoon as silver prices pulled back from 31-year highs.

The silver-miners ETF was down nearly 5% at last check.

Meanwhile, iShares Silver Trust (NYSEArca: SLV) dropped more than 1%. An options trader on Monday placed a $1 million bet the silver ETF will decline 37% by July, according to Bloomberg.  “It’s definitely a massive downside bet on silver,” Henry Schwartz, president of Trade Alert LLC, told Bloomberg.

The trade of 100,000 July 25 puts in iShares Silver Trust, equal to $1 million, was spotted earlier Monday, Benzinga reported.

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

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