Global X Uranium ETF (NYSE: URA) and iShares Silver Trust (NYSE: SLV)
Hi Guys, I'd love to hear your thoughts on why URA and SLV seem to be struggling so much recently, and do you still have a bullish outlook medium term? Thanks
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Answer
Hi Alex,
Interestingly both the URA and SLV have trodden a similar path through 2026 after both peaked in late January 2026 following outsized 2025 gains, making them susceptible to the same macro reversal — a broader commodities pullback as speculative positioning unwound and risk appetite deteriorated.
Silver’s reversal has been dramatic. After surging more than 50% in just a few weeks, the iShares Silver ETF (SLV) peaked at a record intraday high of US$106.70 on 26 January before collapsing 36% in a single session four days later, the largest one-day decline on record, as speculative excess, leveraged ETF unwinds and classic blow-off top conditions triggered a sharp reversal. Silver has remained under pressure since, with futures falling below US$60/oz in late June, around 50% below their January peak.
The silver crash should serve as a warning signal for leveraged commodity trades more broadly. While we do believe silver, and precious metals will improve from current levels, it may take years to see the frenzied buying levels reached earlier in the year.
- We like the risk reward towards the SLV ETF below US$50 but another 5-10% downside wouldn’t surprise as the complacent longs get squeezed.
Uranium: URA’s decline has been far more orderly, reflecting profit-taking after a strong 2025 rally rather than a speculative unwind. Investor sentiment softened after record inflows in January quickly reversed into the largest daily outflow in at least a year, while subdued uranium prices, weaker producer earnings and broader energy market volatility weighed on the sector. Despite the pullback, we believe the long-term uranium investment thesis remains supported by growing nuclear demand and constrained supply.
- We like the risk reward towards the URA ETF below US$40.
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Global X Uranium ETF (URA US) and iShares Silver Trust (SLV US)
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Global X Uranium ETF (URA US) and iShares Silver Trust (SLV US)
