March 25, 2023

Silver ETF Holdings Soar as Gold ETF Holdings Decline

The SPDR Gold Shares Trust (GLD) holdings declined slightly on the week, while the iShares Silver Trust (SLV) increased its holdings by a substantial 164 metric tonnes

Holdings in the GLD declined by 5.77 tonnes compared to a decline of 2.43 tonnes in the previous week.  Total holdings have declined by 4.9% or 62.48 tonnes since the start of the year.  The GLD currently holds 1,218.24 tonnes or 39.17 million ounces of gold valued at $55.2 billion.

The price of the GLD has traded between $128 and $139 since last October after running up from approximately $110 from the start of 2010.   The GLD was originally launched in November 2004 when the price of gold was trading at $445 per ounce.

GLD - COURTESY STOCKCHARTS.COM

GLD and SLV Holdings (metric tonnes)

23-Feb-11 Weekly Change YTD Change
GLD 1,218.24 -5.77 -62.48
SLV 10,575.23 +164.00 -346.34

Silver holdings in the iShares Silver Trust (SLV) increased by 164 tonnes over the past week compared to an increase in the previous week of 41.01 tonnes.  The year to date decline of 346.34 tonnes represents a 3.2% drop in silver holdings since the beginning of the year.

The Trust is structured so that the value of the iShares will reflect the price of silver owned by the trust.  The price of an iShare should closely track the price of one ounce of silver, less the Trust’s expenses.  However, the price of the SLV will fluctuate during the day as traders buy and sell shares.  If there are many buyers purchasing SLV, the price can rise to a premium over the underlying value of silver as seen in the chart below comparing silver to the SLV.

The amount of silver held by the SLV will vary due to the mechanism by which shares are created or redeemed by the Trust via Authorized Participants.   Authorized Participants are typically large Wall Street Investment firms that will either deliver or take silver from the SLV as they arbitrage to take advantage of premiums or discounts of physical silver to the value of the SLV.  The GLD operates similarly to the SLV which is why an increase in the price of gold and the price of the GLD may not necessarily result in greater gold holdings by the GLD.

SILVER/SLV - COURTESY STOCKCHARTS.COM

The SLV’s closing price of $32.71 on February 23th is 9.2% above last weeks closing price on February 16th and reflects silvers large price increase over the past week as prices broke out to new highs.  Since 2010, the price of silver has more than doubled from the $16 range to the current price of $33.70.

Gold ETF Holdings Stable As Silver ETF Holdings Increase

The SPDR Gold Shares Trust (GLD) holdings declined marginally on the week, while the iShares Silver Trust (SLV) increased its holdings by over 41 metric tonnes.   As both gold and silver prices consolidate in a tight price range, both the GLD and the SLV have experienced a decline in bullion holdings since the beginning of the year.

Holdings in the GLD declined by 2.43 tonnes compared to a decline of .71 tonnes in the previous week.  Total holdings have declined by 4.4% or 56.71 tonnes since the start of the new year.  The GLD currently holds 1,224.01 tonnes or 39.35 million ounces of gold valued at $53.9 billion.

The price of the GLD has traded between $128 and $139 since last October after running up from approximately $110 from the start of 2010.   The GLD was originally launched in November 2004 when the price of gold was trading at $445 per ounce.

GLD and SLV Holdings (metric tonnes)


16-Feb-11 Weekly Change YTD Change
GLD 1,224.01 -2.43 -56.71
SLV 10,411.23 41.01 -510.34

Silver holdings in the iShares Silver Trust (SLV) increased by 41.01 tonnes over the past week compared to a decline in the previous week of 38.38 tonnes.  The year to date decline of 551.35 tonnes represents a 5% drop in silver holdings.

There is no direct correlation between SLV holdings and the price of the SLV due to the mechanism by which shares are created or redeemed by the Trust via Authorized Participants.  The Trust is structured so that the value of the iShares reflects the price of silver owned by the trust.  The price of an iShare should closely track the price of one ounce of silver, less the Trust’s expenses.

The SLV’s closing price of $29.96 on February 16th is only slightly below the all time high of $30.40 reached at the beginning of the year.  Since 2010, the price of silver almost doubled from the $16 range to the current price of $30.67.

Gold and Silver ETF Holdings Mixed Amidst Price Decline

Over the past week, gold holdings in the SPDR Gold Shares Trust (GLD) fell, while silver holdings in the iShares Silver Turst (SLV) rose. These changes occurred amidst a decline in the price of the metals and a buoyant stock market.

The iShares Silver Trust, which represents the largest exchange traded fund backed by silver, increased by 13.85 metric tons from the previous week. Total holdings are now 10,917.19 metric tons, or 350.996 million ounces.

Holdings within the SPDR Gold Trust fell by 11.38 metric tonnes in the past week to 1,272.68. Trust holdings had reached a record high of 1,320.47 on June 29, 2010. The decline in holdings from the high is now 47.79 metric tons, or 3.6%. During the same period the price of gold has risen by more than 10%.

GLD and SLV Holdings (metric tons)

Jan 5, 2011 Weekly Change YTD Change
GLD 1,272.68 -11.38 -8.04
SLV 10,917.19 +13.85 +4.38