On July 21, iShares Silver Trust rose 5.06% in pre-market trading, trading at $53.48/share, with turnover of $8.7788 million. The ETF tracked a strong rebound in spot silver prices after last week's sharp selloff that had pushed the metal to multi-month lows.

The primary catalyst was a geopolitical development: Iran confirmed receipt of a 10-day ceasefire proposal from mediators, reigniting hopes for diplomatic de-escalation in the US-Iran conflict. WTI crude oil subsequently retreated from its monthly high of $84.60 to around $82, easing inflation concerns that had previously pressured non-yielding assets. The oil pullback loosened the dominant bearish logic chain — rising energy prices fueling inflation expectations and reinforcing rate hike bets — triggering significant short covering in silver.

COMEX silver futures traded at $56.82/oz, touching an intraday high of $57.755, while Shanghai silver T+D surged 2.52%. Market expectations indicate the Fed will likely hold rates steady at its upcoming meeting, with the probability priced at 88.8% via CME FedWatch.

The Trust seeks to reflect the performance of silver prices before payment of expenses and liabilities. It is not actively managed and does not engage in activities designed to profit from changes in silver prices.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)