| Net Assets of Fund | $46,877,810,366 | Fund Inception | Apr 21, 2006 | | --- | --- | --- | --- | | as of Feb 25, 2026 | | | | | | | Asset Class | Commodity | | Exchange | NYSE Arca | | | | | | Bloomberg Index Ticker | SLVRLN | | Reference Benchmark O | LBMA Silver Price | | | | | | Shares Outstanding | 570,500,000 | | Indicative Basket Amount | 45,294.40 | as of Feb 25, 2026 | | | as of Feb 25, 2026 | | Tonnes in Trust | 16,079.74 | | Basket Amount | 45,295.00 | as of Feb 25, 2026 | | | as of Feb 25, 2026 ...

Core Viewpoint - The SPDR Gold Trust provides direct exposure to gold prices, while the iShares Silver Trust is highlighted as a potentially better investment due to silver's broader industrial applications and recent price corrections [1][2]. Investment Performance - The SPDR Gold Trust has increased by over 70% in the past year and nearly tripled in value over the last five years [2]. - The iShares Silver Trust is suggested as a more favorable option following a significant price correction [2]. Industrial Demand for Silver - Silver has more industrial applications than gold, making it essential for sectors like artificial intelligence, electronics, medical devices, and 5G infrastructure [4][5]. - The artificial intelligence market is projected to grow at a 30.6% CAGR until 2033, while the 5G market is expected to maintain a 13.1% CAGR during the same period [5]. Price Potential - As demand from various industries increases, silver is anticipated to experience price rallies, benefiting the iShares Silver Trust [6]. - Silver serves as a store of value and an inflation hedge, similar to gold, but with additional industrial demand [7]. Market Correlation - Silver has a lower correlation to the stock market compared to other assets, although it still has some correlation due to its industrial uses [8]. - The industrial applications of silver are currently acting as significant tailwinds for its demand [9]. Risk and Upside - Silver is considered less risky than other lesser-known metals used in AI infrastructure, while offering higher potential upside compared to gold in a bullish economic cycle [9].

Core Viewpoint - Major banks predict silver prices to hold above $80 in 2026, with potential for significant upside if demand remains strong and key price levels are breached [1][14]. Price Forecasts - J.P. Morgan anticipates an average silver price of approximately $81 in 2026, indicating that last year's price surge has not fully reversed [2][3]. - Bank of America presents more aggressive scenarios, projecting silver could reach $135 under strong demand and even as high as $309 in rare stress scenarios with tight supply [2][3]. Demand and Supply Dynamics - Strong industrial demand, particularly from solar panels and electronics, is driving the bullish sentiment for silver [3]. - Investment demand has surged following gains in 2025, with increased flows into silver funds and physical holdings, while mine supply has not kept pace [3][4]. Price Levels and Trading Strategies - The $80 to $90 price zone is identified as a critical battleground for traders in 2026, with resistance levels around $85 to $88 [5][7]. - A sustained move above $90 on strong volume could trigger further momentum, potentially pushing prices towards $100 [7][8]. Investment Options - Various investment vehicles are available, including ETFs like the iShares Silver Trust, silver mining stocks, and options strategies, each catering to different risk tolerances [9][10]. - Physical silver is recommended as a long-term hedge, though considerations around storage and liquidity are necessary [11]. Market Conditions - Current market structure favors a potential upward movement, but confirmation requires strength above key resistance levels [8]. - Interest rates, the U.S. dollar, and ETF flows are expected to influence the next significant price movement [5].

Core Insights - Despite concerns about foreign investors selling U.S. assets, stock inflows remain robust, although foreign purchases of U.S. Treasuries have significantly decreased, leading to the emergence of the "hedge America" trade narrative [1][2]. Group 1: Market Reactions - Danish pension fund Akademiker Pension's $100 million sale of U.S. Treasuries was characterized as routine business due to deficit concerns rather than a political stance, indicating a shift towards hedging rather than outright selling [2]. - The U.S. dollar index (DXY) has decreased to 96.83 from a high of 108, reflecting a broader trend of dollar depreciation [3]. Group 2: Asset Performance - The S&P 500 is near all-time highs at $6,877, while silver prices have more than doubled from last year, currently above $77, showcasing strong performance in equities and commodities despite dollar weakness [4]. - Foreign investments in U.S. equities reached $689 billion through November 2025, significantly up from $197 billion the previous year, indicating a strong appetite for U.S. stocks [7]. Group 3: Market Sentiment and Predictions - Polymarket traders show varied expectations for Federal Reserve rate cuts, with 27% odds for either two or three cuts in 2026, and a declining market perception of a U.S. recession now at 24% [5]. - Rate cuts typically lead to a weaker dollar as investors seek better yields abroad, while increased liquidity tends to boost stocks and commodities [6]. Group 4: Crypto Market Dynamics - The anticipated correlation between cryptocurrency and gold during dollar depreciation has not materialized, with Bitcoin experiencing a 50% drop from its October highs, suggesting a potential decline in the 'digital gold' narrative [8].

Core Viewpoint - The price of silver has experienced significant volatility, dropping nearly 33% from its all-time high in January 2025, but recent fundamentals suggest a potential for recovery and investment opportunities in silver [1][2][3]. Price Movement - Silver's price surged from approximately $31 per ounce in January 2025 to $115 per ounce in January of the current year, before falling back to $77 between January 20 and February 5 [1]. - Recently, silver's price has rebounded to above $80 per ounce, although it remains significantly lower than its recent highs [3]. Market Analysis - Analysts attribute the recent price drop to a stronger dollar, reduced demand at high price levels, and concerns regarding the AI boom that previously supported prices [2]. - Speculative buying in China has contributed to increased volatility in silver prices, which are generally more unstable than gold due to a smaller market [2]. Future Outlook - A weaker dollar and anticipated lower interest rates are expected to support a potential silver rally [4]. - Futures traders are predicting at least two more interest rate cuts by the Federal Reserve this year, which could further benefit precious metals [5]. - The demand for silver is also linked to the AI sector, particularly due to its necessity in the construction of data centers, with hyperscalers projected to spend at least $625 billion on AI infrastructure this year [6]. Investment Vehicle - For those looking to invest in silver, the iShares Silver Trust (NYSEMKT: SLV) is recommended, as it represents physical silver holdings with net assets of approximately $51 billion [7].

Core Insights - The fund has net assets amounting to $42,892,368,451 as of February 10, 2026 [2] - The fund is listed on the NYSE Arca and its reference benchmark is the LBMA Silver Price [2] - The indicative basket amount is 45,302.00 as of February 10, 2026, with a total of 521,370,990.90 ounces in trust [2] Asset Details - The basket amount is recorded at 45,302.70 as of February 10, 2026 [2] - The premium/discount is noted at 4.43 as of February 09, 2026 [2] - The mid-point price is $76.00 as of February 09, 2026 [2] Trading Metrics - The 30-day average volume is reported as 9 [2] - The daily volume is also recorded as 9 [2] - The 30-day median bid/ask spread is 0.01% as of February 09, 2026 [2]

Group 1 - The fund has net assets amounting to $41.83 billion as of February 9, 2026 [2] - The fund was established on April 21, 2006, and is classified under the commodity asset class [2] - The fund is traded on the NYSE Arca and its reference benchmark is the LBMA Silver Price [2] Group 2 - As of February 9, 2026, the fund has 574.45 million shares outstanding and holds 16,191.09 tonnes of silver in trust [2] - The indicative basket amount is $45,302.50, with a closing price of $70.19 as of February 6, 2026 [2] - The fund's premium/discount stands at 3.37% as of February 6, 2026, with a 30-day average volume of approximately 175.14 million shares [2]

Group 1 - The largest silver ETF, iShares Silver Trust, had a holding of 16,191.09 tons as of February 6, 2026, which represents a decrease of 56.36 tons from the previous trading day [1]

Group 1 - The largest silver ETF, iShares Silver Trust, had a holding of 16,191.09 tons as of February 6, 2026, which represents a decrease of 56.36 tons from the previous trading day [1]

Group 1 - iShares Silver Trust (NYSEARCA:SLV) experienced a significant decline of nearly 7% last week, indicating a sharp reversal in its trading performance [1]