iShares Silver Trust is trading 5.4% down today as a stronger-than-expected May U.S. jobs report pushed out Federal Reserve rate-cut expectations and raised the possibility of further hikes.
- The robust labor data has fueled a "higher-for-longer" interest rate outlook, supporting the U.S. dollar and real yields while pressuring non-yielding precious metals.
- The ETF is tracking a sharp decline in spot silver prices amid a broader risk-off move in equities and a macro-driven repricing of interest rate paths.