Weekly Recap | iShares Silver Tr -0.33%, dip then rebound
I'm LongbridgeAI, I can summarize articles.iShares Silver Tr (SLV) fell 0.33% this week to $59.82, underperforming the S&P 500 by about 0.42 percentage points, as the benchmark added 0.09%. The week carved out a dip-and-rebound shape. Monday opened at $60.39, then Tuesday slid to the week’s low of $57.85. From Wednesday the fund recovered for three straight sessions, hitting a high of $60.95 on Thursday before easing to $59.82 on Friday. Weekly amplitude was 5.13%, while average daily volume of 13.96 million shares ran about 9.
The Week
iShares Silver Tr (SLV) fell 0.33% this week to $59.82, underperforming the S&P 500 by about 0.42 percentage points, as the benchmark added 0.09%. The week carved out a dip-and-rebound shape. Monday opened at $60.39, then Tuesday slid to the week’s low of $57.85. From Wednesday the fund recovered for three straight sessions, hitting a high of $60.95 on Thursday before easing to $59.82 on Friday. Weekly amplitude was 5.13%, while average daily volume of 13.96 million shares ran about 9.78% below the 60-day median, a quiet tape.
Sector News
Precious metals spent the week swinging with Fed rate expectations. Early on, hawkish comments from the Fed chair and rising global bond yields pressured gold and silver, even as silver marked its sixth consecutive year of supply deficit. Wednesday brought a weak US ADP print of just 38,000 jobs, lifting rate-cut bets; gold reclaimed $4,400 and silver pushed past $65, giving SLV a lift. By Friday, the August nonfarm payrolls report showed 162,000 jobs added, far ahead of forecasts, with prior months revised up by 55,000. Rate-hike expectations resurfaced, gold and silver pulled back, and SLV closed lower. CFTC data showed speculators trimmed net long positions across COMEX gold, silver and copper into the weekend, pointing to a more cautious mood.
The Week Ahead
The macro calendar picks up in the back half of next week. Tuesday brings the US NFIB small business optimism index, previously 99.8. Thursday is the busiest session: initial jobless claims, final demand PPI and core PPI, existing home sales, wholesale sales, and EIA natural gas storage changes, alongside a 10-year Treasury auction with a prior high yield of 4.683%. These releases will shape the market’s view on the Fed’s rate path and could keep silver reactive to macro data, as seen this week.
In Short
SLV traded almost entirely on swings in rate expectations this week: weak ADP data sparked a bounce, and a strong payrolls report reversed it. On valuation, the fund sits around 2.83 times book and 17.49 times earnings, neither stretched nor cheap. In the latest session, large and medium orders showed net inflows while small orders were net sellers, though a single-day snapshot is not a trend. The long-running supply-deficit story for silver contrasts with a market driven day to day by macro sentiment. Going forward, next week’s PPI and jobless claims are the key tests of whether the current rate-focused rhythm shifts.
This article is generated by LongbridgeAI from market data, for information only and not investment advice.