Sprott Physical Silver Trust

PSLV

Market cap $15.3B

Silver extended its decline for a third consecutive session on Monday, with XAG/USD trading around $74.20 per troy ounce during Asian hours. Investors reacted to India's surprise restrictions on silver imports, rising expectations of another Federal Reserve rate hike and weaker investment demand projections from UBS.

Contrary to conventional wisdom, not all commodity futures markets operate the same way.

Silver has done something this year that gold-obsessed portfolios were not built for.

While gold has proved to be a hot commodity for the last few months, some naysayers have looked at March's short-term volatility as a reason to stay away from the precious metal for now.

In recent months, there has been a lot of discussion about the importance of amplifying the domestic production and supply chains for rare earths in the United States. Given that China maintains a significant hold over the global market, the U.S. looking to increase its own rare earths presence makes a good deal of sense.

The Amplify Junior Silver Miners ETF has outperformed silver futures during the recent correction, reflecting strong speculative and investment interest. Silver's technical breakout above its 1980 high established critical support, with prices remaining over $10 above that level despite a near 50% correction. SILJ boasts A+ Seeking Alpha grades for momentum, dividend, and liquidity but is marked down for risk and expenses due to sector volatility.

Key Takeaways While energy investments of all kinds have struggled amid conflict in the Middle East, uranium might offer a compelling long-term opportunity. Sprott Asset Management CEO John Ciampaglia noted that uranium's fundamentals remain sound, and that it remains far harder to substitute or replace than other metals investors tend to allocate towards.

Silver is entering its sixth consecutive year of a structural supply deficit, as global production fails to keep pace with the massive demand required for the clean energy transition and AI infrastructure.

Silver just handed PSLV investors a brutal reminder of what pure-play exposure actually means.

Gold has had a remarkable run in 2026, but silver has quietly done something more interesting over the past year.