Shares of the iShares Silver Trust cratered 7.5% to $63.57 on March 19, capping a bruising stretch that has erased roughly 17% of its value in just five trading days as a trifecta of hot inflation data, surging bond yields, and a hawkish Federal Reserve punished every asset that doesn't pay interest.

Silver's Worst Week in Months: Can SLV Recover When the Fed Won't Cut and Inflation Won't Cool?

Shares of the iShares Silver Trust plunged 7.5% to $63.57 on March 19, extending a brutal five-day rout that has wiped roughly 17% off the fund's value since March 12. The culprit: a one-two punch of scorching wholesale inflation data and a Federal Reserve that just told markets it is in no hurry to lower interest rates. For holders of an asset that pays no dividends or interest, the message is bleak.

  • Wholesale Prices Came In More Than Twice as Hot as Expected

The Producer Price Index rose 0.7% in February, more than double economists' expectations of 0.3%.

On a year-over-year basis, headline prices rose by 3.4%, above estimates of 3%. Because producer costs often flow through to consumer prices, this signals more inflation ahead — not less. Silver, which generates no income, becomes less attractive when rising prices force bond yields higher, giving investors a paying alternative.

  • The Fed Held Rates and Signaled Only One Cut This Year

The FOMC voted 11-1 to keep the benchmark rate at 3.5%–3.75%.

The "dot plot" pointed to just one reduction this year and another in 2027.

Powell conceded, "the forecast is that we will be making progress on inflation, but not as much as we hoped." Fewer rate cuts mean higher "real" yields — the return on bonds after subtracting inflation — which directly competes with zero-yield silver for investor dollars.

  • A Global Sell-Everything Wave Is Hitting Silver Hardest

Gold and silver joined a broad sell-off Thursday, shedding around 5% and 10%, respectively, as fears about the Iran war and inflation gripped global markets.

The iShares Silver Trust ETF was down almost 10% ahead of Thursday's opening bell. Analysts note that when investors need cash fast, they sell whatever has gone up the most — and silver surged ~135% in 2025 before this reversal.

  • SLV's Near-Term Outlook Hinges on Oil and the Next Inflation Print

Investors should watch for the upcoming Personal Consumption Expenditures report, the Fed's preferred inflation gauge. If it confirms the "sticky" trend, "we could see a complete reversal of the 2026 outlook." Meanwhile, Bank of America estimates silver's "fair value" at around $60–$70 per ounce , suggesting SLV at $63.57 is now flirting with the bottom of that range. The question is whether war-driven oil prices and stubborn inflation will push it lower still — or whether cheap prices lure bargain hunters back in.