The daily turnover in silver ETFs has surged from around USD 2 billion a few months ago to nearly USD 40 billion, putting it almost on par with the S&P 500 ETF. This suggests that speculative frenzy has become the dominant force in the market, and if follow-through momentum fades, a sharp reversal could be triggered at any moment.

The extreme spike in silver prices is driving a dramatic jump in trading volume for the iShares Silver Trust ETF, which recorded nearly USD 40 billion in turnover on Monday alone.

For context, this turnover is almost equal to that of one of the world’s largest ETFs—the SPDR S&P 500 ETF managed by State Street Global Advisors—and it has already exceeded the single-day trading values of Nvidia (USD 23 billion) and Tesla (USD 22 billion).

Just a few months ago, this silver ETF was only trading about USD 2 billion per day. By late December last year, that figure had already climbed to around USD 10 billion.

In 2025, silver prices more than doubled, and the rally has continued to go parabolic into January 2026, with gains now close to 60%. This performance is on track to mark the biggest monthly increase since 1979.

Other commodities and commodity-related assets are also rallying alongside silver: gold is up 18% so far this year, while the MSCI World Metals & Mining Index has gained 19%.

In the relatively less liquid silver market, demand continues to grow. The current price action and trading scale increasingly indicate that pure speculative activity has largely replaced economic fundamentals as the primary driving force behind this precious metal’s price moves.

Market Commentary:

On the 4-hour chart, silver has staged another rebound, with the MACD lines and histogram forming a bullish crossover above the zero line. Against the backdrop of today’s market environment and the flood of capital pouring into the trade, it is entirely possible that silver could see a pullback if the rally becomes overextended and subsequent buying power fails to keep up.