To The Moon

Silver has gone on an absolute tear, surging over 5% intraday today, breaking decisively above the key $90 psychological level and reaching an intraday high of $91.57.

As a result, silver ETFs surged in premarket trading. The 2× leveraged silver ETF $ProShares Ultra Silver(AGQ)$ jumped 8.17%, while the largest silver ETF, $iShares Silver Trust(SLV)$ , rose 4.08%, and $Abrdn Silver ETF Trust(SIVR)$ gained 3.96%.

On the macro front, U.S. December CPI data released yesterday came in largely in line with expectations. Headline CPI rose 2.7% year over year and 0.3% month over month. Core CPI, however, undershot expectations and matched the prior reading, increasing 2.6% YoY and 0.2% MoM, below market forecasts of 2.7% and 0.3%. The softer inflation print has reinforced expectations for Federal Reserve rate cuts, providing broad support for precious metals, with gold also hitting fresh record highs today.

Beyond inflation data, Citigroup has projected that silver could reach USD 100 per ounce over the next three months.

Can silver break and hold above 100? Where might the peak of this silver bull cycle lie? Feel free to share your views in the comments—high-quality insights may be rewarded with Tiger Coins.

Overview of silver-related ETFs:
Physical silver ETFs such as $iShares Silver Trust(SLV)$ and $Abrdn Silver ETF Trust(SIVR)$ have delivered year-to-date returns of around 22%, offering relatively stable, direct exposure to silver prices. Leveraged products like $ProShares Ultra Silver(AGQ)$ have significantly outperformed both in premarket gains and YTD returns, with gains approaching 50%, albeit with higher management fees and substantially greater volatility. Meanwhile, silver miners ETFs such as $Global X Silver Miners ETF(SIL)$ have shown more moderate premarket moves, but in a sustained silver upcycle, they may still offer secondary leverage through improving corporate earnings.

In terms of assets under management, $iShares Silver Trust(SLV)$ dominates the space with over USD 45 billion, $Abrdn Silver ETF Trust(SIVR)$ stands out for its lower expense ratio, while $ProShares Ultra Silver(AGQ)$ is better suited for investors with higher risk tolerance.

As spot silver prices strengthen, silver-related ETFs have also responded sharply in premarket trading. Below are several ETFs that currently stand out:

$iShares Silver Trust(SLV)$ is the largest silver ETF globally, backed by physical silver holdings. It is up 4.08% in premarket trading, with a year-to-date return of 22.01%. The fund manages approximately USD 45.03 billion in assets and charges a management fee of 0.50%, which is relatively low. SLV’s core advantage lies in its superior liquidity and the most active trading volume among silver ETFs.

$Abrdn Silver ETF Trust(SIVR)$ is a physically backed silver ETF that tracks spot silver prices directly. It is up 3.96% premarket, with a YTD return of 22.04%. Total assets stand at approximately USD 6.41 billion, and the expense ratio is just 0.30%. Compared with similar products, SIVR offers a lower cost structure and simpler design, making it more suitable for medium- to long-term allocation-oriented investors seeking stable exposure to silver.

$ProShares Ultra Silver(AGQ)$ is a 2× leveraged silver ETF, using futures and derivatives to amplify silver’s daily price movements. The fund is up 8.17% in premarket trading, with a year-to-date gain of 48.43%. Assets under management are around USD 3.11 billion, and the management fee of 0.95% is the highest among the group. Its key advantage is the enhanced return potential during strong trending markets, though this comes with significantly amplified volatility.

$Global X Silver Miners ETF(SIL)$ is a silver miners equity ETF, primarily investing in global silver-related mining companies, providing equity exposure along the silver value chain. It is up 2.15% premarket and has maintained a positive return year to date. The fund manages approximately USD 5.72 billion in assets and charges a management fee of 0.65%. SIL’s advantage lies in its secondary leverage effect when rising silver prices coincide with improving mining company profitability, although it is also more sensitive to broader equity market sentiment.