One of 2025's hottest investments had one of its worst days in years.

The iShares Silver Trust, the largest silver exchange-traded fund, ended 7.2% lower amid a broader sell-off in precious metals. Known by its ticker SLV, the fund is a popular way for investors and traders to wager on silver prices without having to store piles of precious metals. The good news for SLV owners is that today's tumble fell short of erasing all of Friday's 9% surge and leaves the share price above where it was before markets closed for Christmas.

The fund keeps vaults filled with 1,000-troy-ounce silver bars in London and New York to back its shares, which are up more than 140% this year notwithstanding today's rout.

To keep up with the demand this year, SLV had added nearly 67 million ounces of silver through Friday, according to fund documents.

Though that sounds like a lot, it has been a sliver of overall silver demand this year, according to analysts, who point to voracious consumption from solar-panel makers as well as a rise in imports to India, where precious metals are far more popular with savers than in the U.S.