Over 140 tonnes of
silver were withdrawn from storage by the world’s leading silver fund, iShares Silver Trust (SLV) managed by BlackRock, in the session on 24 April, bringing the net selling over two days to 142 tonnes. The fund currently holds about 15,140 tonnes of silver, equivalent to nearly 42 billion USD.
SLV’s net selling run occurred as silver prices weakened, trading around 75 USD/oz on 24 April. Compared with the peak set earlier in the year, silver has fallen by about 38%.
This development clearly reflects a retreat by speculative funds and cautious sentiment toward macro risks. COMEX data show funds have steadily narrowed their net-long positions after peaking at the end of March. While there was some buying interest at the bottom, the gains did not fully offset the earlier selling, causing net long positions to decline. This suggests short-term upside prospects are weakening.
Meanwhile, ETF capital continued to trend net selling, while large institutions restrained new long positions due to geopolitical uncertainties related to Iran and the Hormuz Strait, as well as debates surrounding Federal Reserve policy. When big money stays on the sidelines, the market lacks durable support.
Additionally, silver faces pressure from movements in the USD and U.S. Treasury yields—two factors that directly influence this precious metal. According to Rhona O’Connell, Head of Market Analysis at StoneX, silver prices do not fully reflect geopolitical tensions but are more affected by these financial variables. When the dollar and yields are not favorable, the metal’s upside slows and can retreat.
From a technical perspective, Razan Hilal, a technical analyst, notes that silver is in a consolidation phase consistent with a continuation pattern, implying a potential strong move forthcoming. If prices break below the support zone around 75 USD/oz, selling pressure could rise quickly, dragging prices to lower levels. Conversely, a clear breakout would be required to confirm a renewed uptrend.
