The silver market is experiencing a historic rally. As of January 29, 2026, the world’s largest silver exchange-traded fund, iShares Silver Trust (SLV), closed at $105.60, marking a single-day gain of 3.95%.
This ETF, which tracks the price of physical silver, has even outshined tech giants in terms of trading volume: on January 26, it recorded nearly $40 billion in turnover, far surpassing NVIDIA’s (NVDA) $23 billion on the same day.
01 Market Momentum
Silver assets have become a focal point for global capital. As one of the most accessible tools for investors to participate in the silver market, iShares Silver Trust (SLV) has seen trading activity reach extraordinary levels.
In late December 2025, SLV’s average daily trading volume hovered around $10 billion. However, as silver prices soared into January 2026, this figure skyrocketed.
The market’s frenzy was especially apparent on January 26, when SLV posted nearly $40 billion in trading volume. This surge not only signals massive capital inflows but also reflects a high concentration of investor sentiment.
02 Price Performance
SLV’s price trend is closely tied to the spot silver market, and has recently shown explosive growth. In 2025, silver more than doubled in value.
The rally has continued into 2026. As of January 29, SLV closed at $105.60, up 3.95% for the day. Year-to-date, its gains have approached 60%, putting it on track for the largest monthly increase since 1979.
Looking at historical data, SLV was trading around $45 in early November 2025. In just three months, its price has more than doubled. This steep upward curve is the result of multiple macroeconomic forces converging.
03 Key Drivers
This epic run in silver is underpinned by fundamentals, monetary policy shifts, and geopolitical risk.
First, there’s the shift in Federal Reserve policy expectations. On January 28, the Fed decided to keep interest rates unchanged at 3.5%–3.75%. The market widely interpreted this as a signal that the rate-hiking cycle has ended, fueling hopes for future rate cuts.
Comments from former US President Trump have also added to market volatility. His recent remarks on strong dollar policy have been read as a possible pivot toward a weaker dollar, which directly benefits dollar-denominated precious metals.
In November 2025, the US Department of the Interior added silver to its list of "critical minerals," raising the likelihood of import tariffs on the metal.
A combination of long-term supply constraints and a short-term surge in safe-haven demand has created the perfect storm, driving silver prices higher.
04 Investment Channels Compared
For investors looking to ride this silver bull run, choosing the right vehicle is crucial. Traditionally, direct investment in the SLV ETF has been the primary approach, but the crypto world now offers a broader range of options.
Traditional financial channel: Buy and sell SLV shares directly through a brokerage account. The advantages are direct access, transparency, and traditional financial regulation. The downsides include limited trading hours and the inability to respond to market events around the clock.
Crypto asset channel: On leading platforms like Gate, investors can trade digital assets pegged to physical silver or the SLV ETF. For example, Ondo Finance’s iShares Silver Trust (SLV) token boasts a market cap of around $39.5 million and a 24-hour trading volume of up to $21.2 million.
On platforms like Gate, these tokenized assets support spot trading, and some even offer derivatives trading, providing flexible options for investors with varying risk appetites.
05 Potential Risks
While chasing high returns, it’s essential to remain aware of the risks—a prerequisite for rational investing. Silver and SLV are highly volatile, with recent daily swings often exceeding 3%, posing a significant test for investors’ risk tolerance.
Silver prices have surged dramatically in a short period, and the risk of a technical correction should not be ignored. Historically, precious metals often experience sharp volatility following rapid rallies.
Despite new narratives positioning silver as the "conductive metal of the digital age" and a "raw material for the photovoltaic industry," it remains to be seen whether industrial demand can sustain current high valuations.
Investors trading tokenized silver assets on crypto platforms should also pay close attention to counterparty risk, platform security, and changes in regulatory policy.
The silver frenzy has spread from the New York Stock Exchange to major digital asset platforms worldwide. On Gate, tokens pegged to SLV consistently rank among the top in 24-hour trading volume within their asset class.
This precious metals rally—sparked by expectations of a Fed policy pivot, intensified geopolitical tensions, and the critical minerals list—shows no signs of ending. Market analysts note that retail investors, priced out of gold, are flocking to silver, while US importers are accelerating purchases to hedge against potential tariffs. Both trends continue to fuel this bull market.
