Silver (SLV ETF): the last 12 months

Silver (SLV) is up 10.3% over 1Y but 55.3% below its high; its 90-day change is −15.6%. It rose with gold in August's hard-asset trade, then lost 13.8% over the last month. Status quo for commodities: shifting.

Status quo card: Silver (SLV ETF), shifting.

Month by month

Computed in code. Change: the calendar-month change (z against its own monthly history). 90-day: the trailing 90-day change at the month-end. Rank: its place among that month's biggest moves. Causes: the surviving monthly causes acting on it (a force's loading on this asset times the month's fitted strength, in standard deviations). ETF holdings use current weights (an approximation).

Month	Change	90-day	Rank	Causes
November 2026 (month to date)	+5.7% (z 1.3)	−15.6%		none of the surviving causes loads on it
October 2026	−18.2% (z -2.1)	−14.8%		none of the surviving causes loads on it
September 2026	−9.3% (z -1.2)	−0.9%		none of the surviving causes loads on it
August 2026	+14.8% (z 1.2)	−11.6%		Hard-asset / debasement trade: bitcoin rallied with gold and silver (evidence +14.8%, z 1.2); Hard-asset / debasement trade: ether rallied with bitcoin and gold (evidence +14.8%, z 1.2); Hard-asset / debasement trade lifted gold, silver and crypto together (evidence +14.8%, z 1.2); Precious metals were bid in the hard-asset trade, so gold outran copper (evidence +14.8%, z 1.2)
July 2026	−2.1% (z -0.5)	−23.3%		none of the surviving causes loads on it
June 2026	−21.8% (z -2.8)	−21.5%	2	Hawkish first FOMC under Warsh and a stronger dollar (evidence −21.8%, z -2.8); A US-Iran deal and a hawkish Fed removed the crisis hedges (explains this move, score 11.2); Trend followers were caught by the reversal in oil and metals (evidence −21.8%, z -2.8)
May 2026	+2.5% (z -0.1)	−16.2%		none of the surviving causes loads on it
April 2026	−2.2% (z -0.6)	−11.6%		none of the surviving causes loads on it
March 2026	−19.8% (z -2.9)	+5.8%		none of the surviving causes loads on it
February 2026	+12.7% (z 1.0)	+66.0%		none of the surviving causes loads on it
January 2026	+17.1% (z 1.6)	+71.4%		A weak dollar and geopolitical risk drove gold and emerging markets (evidence +17.1%, z 1.6)
December 2025	+25.8% (z 3.0)	+51.5%		Industrial-metal squeeze: silver and copper hit records after the cut (drove: Silver (SLV) beat gold (GLD) by 23.6 pp, score 5.6); Industrial-metal squeeze lifted copper and silver above gold (evidence +25.8%, z 3.0)
November 2025	+16.4% (z 1.8)	+41.5%		none of the surviving causes loads on it

What drove each month · All assets

Not investment advice. MarketMoves describes past market data and reported news for general information. Figures can be delayed or wrong; check the original source before relying on them.