SLV.P Hits 52-Week High Amid $241M Outflows and Bearish KDJ Signal

ETF Overview and Capital Flows

The iShares Silver Trust (SLV.P) is a physically backed commodity ETF designed to track the price of silver bullion, holding the metal directly in London vaults. With a 0.5% expense ratio and a long-only structure, it offers straightforward exposure to silver’s spot price, net of expenses. Recent capital flows reveal heavy outflows on January 27, 2026: net orders, block orders, and extra-large orders all totaled over $241 million in outflows, signaling near-term selling pressure.

Technical Signals and Market Setup

A key technical signal emerged on January 29, 2026: the KDJ indicator for SLV.P showed a “dead cross,” where the %K line crossed below the %D line. This pattern often signals bearish momentum in short-term trading, suggesting caution for buyers. The ETF’s price action reaching a 52-week high amid this divergence highlights a potential tug-of-war between accumulating longs and profit-taking sellers.

Peer ETF Snapshot

• AGGS.P charges 0.35% and holds $38M in assets.
• AMUN.O has a 0.25% expense ratio with $30M in AUM.
• AVIG.P commands $2B in assets at a 0.15% cost.
• AGG.P, the cheapest at 0.03%, dominates with $138B in assets.

Opportunities and Structural Constraints

SLV.P’s direct silver exposure offers a clear hedge against inflation or currency weakness, but its physical structure limits leverage compared to synthetically backed alternatives. The recent 52-week high suggests sustained demand, yet the KDJ dead cross and heavy outflows indicate near-term volatility. Investors must weigh silver’s fundamental outlook against technical headwinds and ETF-specific liquidity risks.