The iShares Silver Trust (SLV) surged 5.03% during pre-market trading, marking a significant upward move for the silver-backed exchange-traded fund.
The price movement follows reports that Turkey's silver imports reached a record high in January 2026, hitting the highest monthly level since records began in March 1999. Analysts attribute this surge to Turkey's restrictions on gold imports, which has diverted precious metal investment demand toward the more affordable silver. Additionally, persistently high international gold prices have made silver an attractive alternative for cost-conscious investors.
Fundamentally, the global silver market faces a pronounced supply-demand imbalance. Demand for physical silver delivery has risen notably, at times reaching several times available inventory. Meanwhile, global mining output is trending downward while industrial demand from sectors like photovoltaics and electronic components continues to grow, further widening the supply gap and supporting silver prices.