The iShares Silver Trust (SLV) surged sharply in early US trading on Monday, as silver prices extended a powerful rally and investors rushed back into precious metals-linked assets. SLV was last trading at $78.80, up 8.79% on the day, marking one of its strongest single-session moves in months.
The jump follows a previous close of $72.44 and places the silver-backed ETF firmly near the top of its intraday range, with prices fluctuating between $78.25 and $80.72 during the session. Trading volumes were heavy, reflecting renewed momentum in silver as both inflation hedging and industrial demand narratives regained traction.
SLV opened the session at $79.05 and quickly pushed higher, mirroring gains in spot silver markets. The ETF’s strong move comes as investors reassess precious metals exposure amid shifting interest-rate expectations and tighter physical silver supply conditions.
Despite the sharp daily rally, SLV remains below its 52-week high of $109.83, though it has now comfortably recovered from its 52-week low of $26.57. Year to date, the ETF has delivered a total return of approximately 12.45%, reinforcing silver’s resurgence after a volatile 2025.
With net assets of around $38.05 billion, the iShares Silver Trust remains the most actively traded silver ETF globally. Monday’s session saw volume of more than 85 million shares, broadly in line with its average daily turnover and underscoring strong institutional participation.
One notable factor for investors is SLV’s relationship to its underlying holdings. The fund’s reported net asset value (NAV) stood at $93.52, leaving the ETF trading at a discount to NAV during the session. Such gaps often draw attention from traders positioning for mean reversion or further upside in silver prices.
Silver’s rally has been supported by a combination of robust industrial demand, particularly from renewable energy and electronics manufacturing, alongside renewed safe-haven buying. Analysts note that silver often amplifies moves in gold during precious metals upcycles, a pattern that has begun to re-emerge.
Market participants are also watching broader macro signals closely. With bond yields volatile and currency markets reacting to central bank guidance, silver-backed instruments like SLV have regained appeal as portfolio diversifiers. According to data from iShares, SLV remains fully backed by physical silver bullion held in secure vaults.
While SLV does not pay a dividend and carries an annual expense ratio of 0.50%, its liquidity and direct exposure to silver prices continue to make it a preferred vehicle for both short-term traders and long-term investors seeking metals exposure without holding physical silver.
As the US trading session unfolds, attention will remain on whether SLV can sustain levels above $78 and challenge the psychologically important $80 mark. With volatility elevated across commodities, silver-linked assets are once again firmly back on investors’ radar.
