Trading volume in an exchange traded fund (ETF) that bets against silver surged to a record on Monday amid volatile action in the metal’s price.

More than 14 million shares of ProShares UltraShort Silver (NYSEArca: ZSL) traded Monday morning as the ETF was poised to break its volume record set last week.

ProShares UltraShort Silver is designed to produce daily returns that correspond to 200% of the inverse performance of silver bullion.

The so-called leveraged inverse ETF was up more than 2% in recent trading Monday as silver saw earlier gains disappear.

The iShares Silver Trust (NYSEArca: SLV) was fractionally lower.

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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