iShares Silver Trust (SLV) surged 5.03% in pre-market trading, reflecting a broader rally in silver-related assets. The ETF's performance was driven by a significant rise in silver spot prices, which crossed the $75 per ounce mark for the first time.
The rally in silver prices is attributed to speculative bets, expectations of further U.S. rate cuts, and escalating geopolitical tensions. Silver has outperformed gold this year, with a year-to-date gain of 158%, compared to gold's 72% increase. This surge has positively impacted silver miners and ETFs, including SLV, which saw an 8.3% rise as reported in the news.
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