Silver exchange traded funds were set to rise Monday even though investors have been pulling money from the metal ETFs recently.

The iShares Silver Trust (NYSEArca: SLV) climbed more than 1% in premarket action Monday.

Yet exchange traded products that invest in silver saw outflows of $238 million in the latest week, according to research from Deutsche Bank.

Silver ETFs such as ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver (NYSEArca: DBS) are trying to find their footing after the huge drop in early May.

One analyst notes that gold and silver ETFs followed the S&P 500 much more closely in May than usual.

“Gold and silver saw their price correlations rise more dramatically last month than all of the other asset classes we track, a worrisome development that bears close attention in June,” wrote Nicholas Colas, chief market strategist at ConvergEx, in a June 2 report.  He monitors correlations among many asset classes on a monthly basis.

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