The world's biggest 'shark' is selling off silver.

In just the last two trading sessions, the world's largest silver fund has sold off more than 88 tons of silver, bringing its holdings down to 14,900 tons.

ZNews•30/06/2026

The world's largest silver fund, iShare Silver Trust (SLV), has just sold more than 88 tons of the precious metal in two trading sessions. Photo: Reuters .

According to data from Muavangbac.vn , the world's largest silver fund, iShare Silver Trust (SLV), managed by BlackRock, sold a net of over 45 tons of the metal on June 29th, bringing its total net selling for two consecutive days to over 88 tons. Currently, the fund holds only about 14,900 tons of silver. Notably, last week, SLV aggressively bought a net of over 157 tons of silver despite the sharp price decline.

Silver has lost about half its value since hitting an all-time high in January amid a sharp decline in the prices of other precious metals. However, compared to gold, silver has fallen even more sharply. Technical charts show the gold/silver price ratio approaching key levels, potentially signaling further weakness in silver against gold, according to Reuters.

The decline in both gold and silver began on January 30th, when market expectations arose that the US Federal Reserve (Fed) would be less likely to cut interest rates this year. Subsequently, concerns about rising inflation since the US- Iran conflict erupted further reinforced this sentiment, as investors increasingly prepared for the possibility of the Fed having to raise interest rates.

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Experts believe that silver prices are under much stronger pressure than gold, partly because silver is both a precious and an industrial metal, making it more sensitive to changes in investor risk appetite. In addition, silver has experienced a stronger price surge than gold previously, so it is also facing greater pressure from profit-taking and corrections.

According to LSEG data, the upward momentum of the gold-to-silver price ratio is showing signs of strengthening after breaking above the 200-day moving average at 66.76. The 200-day moving average is a technical indicator commonly used by analysts to smooth price fluctuations, thereby identifying a clearer long-term trend.

Investors believe the next target for the gold/silver ratio is 70, a crucial psychological threshold as the market often pays particular attention to round numbers. If the gold/silver ratio remains stable above 70, the market will increase expectations that it could retest the peak of 72.74 set on February 6th, before heading towards 75.25 – corresponding to a 50% recovery from the decline in the gold/silver ratio since April 2025.

Conversely, for silver to recover, the gold/silver ratio first needs to fall back below the 200-day moving average, then head towards the 62.68 low established on June 22nd. If this ratio continues to fall below 60.56 – corresponding to half of the May and June trading range – then the upward momentum will shift in favor of silver.

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