The iShares Silver Trust delivered a standout performance on Monday, February 9, as silver prices surged and investors moved decisively into precious metals. The sharp advance unfolded during active US trading hours, underscoring strong demand for silver-linked exposure amid heightened market volatility and shifting macro signals.

SLV Posts One of Its Strongest Single-Day Gains

SLV climbed 7.54% to trade at $75.48, up $5.29 from the previous close of $70.19. The ETF opened at $72.88 and quickly accelerated higher, reaching an intraday high of $75.73. The rally marks one of the fund’s strongest daily moves in recent months and places it firmly within the upper portion of its session range.

Trading activity was robust, with volume approaching 48 million shares by midday, signaling elevated investor engagement. Although still below the ETF’s average daily volume of approximately 97 million shares, the pace of trading highlights growing momentum behind the move, particularly as prices held near session highs into the early afternoon.

Macro and Cross-Asset Forces Drive Silver Exposure

The surge in SLV reflects broader dynamics in the commodities and currency markets. Precious metals have benefited from recent weakness in the US dollar and rising volatility across equity markets, prompting investors to seek diversification through hard assets. Silver, which straddles both monetary and industrial demand, often responds sharply to shifts in global risk sentiment.

Unlike gold, silver tends to exhibit higher volatility, a characteristic evident in SLV’s beta of 2.08. This amplifies price movements during periods of strong momentum, as seen in today’s session. The ETF’s structure provides direct exposure to physical silver prices, making it a favored vehicle for investors seeking tactical exposure to the metal without engaging in futures markets.

Positioning Within the Broader Silver Trend

Despite today’s surge, SLV remains within a wide longer-term range. The ETF’s 52-week range spans from $26.57 to $109.83, highlighting the extent of silver’s historical volatility. Year-to-date, SLV shows a total return of approximately 8.96%, indicating that today’s rally builds on a gradually improving performance profile rather than a single isolated event.

With net assets of around $51.48 billion and an expense ratio of 0.50%, SLV remains one of the most widely used silver ETFs globally. Its scale and liquidity make it a key barometer for investor sentiment toward silver as both a commodity and a financial hedge.

Looking ahead, investors will be watching whether SLV can consolidate gains above the $75 level or if profit-taking emerges after the sharp advance. Key factors to monitor include movements in the US dollar, real interest rates, and broader risk sentiment across equity and commodity markets. While silver’s volatility presents opportunities during momentum-driven rallies, it also introduces downside risk if macro conditions shift abruptly. The coming sessions will be critical in determining whether today’s move marks the start of a sustained trend or a short-term reaction within a volatile market environment.