The iShares Silver Trust (SLV) climbed more than 4% on Wednesday. Silver prices surpassed the $75 per ounce threshold during the session. A weaker U.S. dollar and Middle East geopolitical uncertainty fueled the rally.
The U.S. reportedly paused naval escorts in the Strait of Hormuz. This development contributed to a decline in oil prices. Investors shifted capital into safe-haven assets like silver and gold.
Investor Peter Schiff stated that fundamentals for precious metals are historically bullish. The price surge extends a record-breaking run for the sector in 2026. The World Bank projects that silver prices will average significantly higher this year.