The iShares Silver Trust (NYSEArca: SLV) and the ETFS Physical Silver Shares (NYSEArca: SIVR) are trading modestly higher Monday on speculation the metal is nearing a bottom following a tumble of almost 9% over the past three months.

Last week, silver exchange traded products saw the strongest levels of inflows in 10 weeks.

“Inflows of US$20.9mn last week show that investor enthusiasm for the metal that usually trades in gold’s shadow is growing. With global economic growth rising, prospects for the metal, used in many industrial applications, are improving,” according to a new research note from ETF Securities.

In a trend that was also seen last year, investors continue to allocate capital to silver ETFs even as gold funds suffer massive redemptions. For example, SLV and SIVR have pulled in over $102 million combined in the current quarter while over $1 billion has been taken out of the SPDR Gold Shares (NYSEArca: GLD). [Silver ETFs See Inflows]

Silver ETFs could also benefit later this year from another expected supply deficit, which could tighten the market for the metal.