Exchange traded funds tracking silver dropped more than 3% Wednesday morning as the dollar continued to plow higher.

The iShares Silver Trust (NYSEArca: SLV) was down 3.5% in early trade. The iShares fund and other silver ETFs such as ETFS Physical Silver (NYSEArca: SIVR) have seen volume spike the past two weeks on higher margins requirements in futures and heart-stopping swings in the metal’s price.

The iShares Silver Trust has “a diverse shareholder base,” said Leland Clemons, head of the iShares U.S. capital markets group at BlackRock.

Hedge funds, traders, institutions and individual investors all use ETFs to get exposure to precious metals. Investors include short-term technical traders as well as long-term investors who like the fundamentals of gold and silver.

Silver ETFs have risen more than 100% over the past 12 months but the recent sell-off has taken some of the froth from the rally.

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