MARKET SNAPSHOT
Silver ETF pricing opened at $99.37 and closed at $75.44, showing a -24.08% weekly decline over five trading days. Spot market data shows limited variation, with spot remaining at $109.73 in the available dataset. Average daily volume reached 308.87 million shares, up 165.6% from the prior week. The weekly high-low range measured 58.90%, the highest among all metals examined.
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WHAT’S HAPPENING NOW
Silver’s $23.93 price decline, from $99.37 to $75.44, represents the largest percentage move among precious metals during this week. The intraweek high of $109.83 and low of $69.12 created a $40.71 range, or 58.90% measured from the low. Volume surged to 308.87 million shares daily from 116.28 million the prior week.
Pattern analysis identified two days with distribution characteristics and zero days with accumulation characteristics. The ETF underperformed spot by -24.08 percentage points based on available data, showing substantial divergence between instrument performances.
WHY THIS MATTERS HISTORICALLY
Silver’s -24.08% weekly decline represents a substantial short-term price movement by historical standards. Weekly declines exceeding 20% in silver have appeared infrequently in historical data and have been associated with various subsequent market paths—both continued declines and reversals have followed such moves in different historical instances.
The 58.90% high-low range dramatically exceeds typical weekly ranges for silver. Historically, silver’s weekly ranges have averaged in the mid-to-high single digits during normal volatility periods and low-to-mid teens during elevated volatility. The current 58.90% range represents an extreme outlier relative to these historical norms.
Volume increases of 165.6% accompanying a -24.08% price decline show substantially elevated participation during the price movement. Historical data indicates that volume surges during sharp price declines have preceded varying outcomes, with no deterministic pattern emerging from such setups.
STRUCTURAL INTERPRETATION
Silver’s 58.90% intraweek range reflects extreme price variation within a five-day period. Market microstructure literature examines such elevated ranges as indicators of substantial uncertainty and rapidly changing participant views. Ranges of this magnitude historically appear during periods of significant market reassessment.
The -24.08% ETF-spot divergence indicates substantial differences between how the ETF and spot market priced silver during this period. Such large divergences can reflect differences in data timing, participant composition, and settlement mechanisms between the two instruments.
Volume more than doubling while prices decline sharply reflects intensive participation during the downward movement. Academic research on volume examines such patterns as indicating heightened activity levels, without implying specific directional persistence.
NEUTRAL CLOSING SUMMARY
Silver showed a substantial price decline with the highest weekly percentage loss among metals examined. Volume increased dramatically relative to the prior week. The intraweek range reached levels far exceeding historical norms. The week’s data reflects intensive activity accompanying significant price movement.