🔴 Silver ETF (PSLV) is trading 3.65% down today as silver declines

PSLV is trading at $20.71 (-3.65%) as silver declines roughly 1%, directly weighing on its physical-silver exposure.

• Higher Treasury yields, including the 30-year yield above 5.30%, are raising the opportunity cost of holding non-yielding metals.
• Renewed U.S.-Iran tensions are lifting oil and inflation concerns as markets await Federal Reserve minutes.
• The move appears amplified by PSLV’s persistent discount-to-NAV structure, last reported near -4.48%.