The iShares Silver Trust (NYSEArca: SLV) has been leading the daily trading volume charts lately for exchange traded funds, muscling aside a stock ETF that tracks the venerable S&P 500.

Silver ETFs hit new record highs Thursday as metals continued to rally after the Federal Reserve renewed its promise to keep interest rates low to aid the economic recovery.

iShares Silver Trust has seen trading volume exceed 100 million shares every day this week amid volatile action in silver prices, which are hovering around levels not seen since 1980.

The SPDR S&P 500 ETF (NYSEArca: SPY) is the largest ETF by assets and usually the most active by share volume.

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

An ETF that bets against silver, ProShares UltraShort Silver (NYSEArca: ZSL), has also seen volume surge recently.

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.