Holdings in the world’s largest silver backed exchange traded funds (ETF’s) have soared to new record highs as investors took advantage of the latest price pullback.

The amount of silver bullion held by the six largest silver ETF’s has increased by 104 tonnes to a new record high of 17,135.04 tonnes. Demand recently surged after the silver price dropped below the key resistance level of $19. Typically an increase in tonnage is bullish and could signal that the silver market has bottomed.

Silver is popular with both retail investors and speculators who typically buy and hold for the long term. Gold ETF’s on the other hand, typically held by institutional investors, have experienced significant outflows since the funds hit record in tonnage in December 2012.

Gold is currently trading at £746.34 per ounce and silver £11.28 per ounce.