| Net Assets of Fund | $46,877,810,366 | Fund Inception | Apr 21, 2006 | | --- | --- | --- | --- | | as of Feb 25, 2026 | | | | | | | Asset Class | Commodity | | Exchange | NYSE Arca | | | | | | Bloomberg Index Ticker | SLVRLN | | Reference Benchmark O | LBMA Silver Price | | | | | | Shares Outstanding | 570,500,000 | | Indicative Basket Amount | 45,294.40 | as of Feb 25, 2026 | | | as of Feb 25, 2026 | | Tonnes in Trust | 16,079.74 | | Basket Amount | 45,295.00 | as of Feb 25, 2026 | | | as of Feb 25, 2026 ...

Core Insights - Giant Mining Corp. has re-engaged Exploration Technologies Inc. to utilize AI-driven subsurface modeling for drill targeting at the Majuba Hill Copper-Silver-Gold Project in Nevada, enhancing exploration efficiency and mineralization targeting [1][4][8]. Geological Advancements - Recent fieldwork at Majuba Hill has identified eight to ten high-grade breccia pipes, significantly improving the geological understanding and potential tonnage of the project [2]. - The breccia pipes are linked to concealed intrusive bodies, which are crucial for mineralization, and accurate modeling of these intrusions is expected to enhance drill targeting [3]. Strategic Importance - The advancement of Majuba Hill aligns with the U.S. focus on securing domestic sources of critical minerals, with copper and silver being vital for electrification and infrastructure [4]. - Nevada is recognized as a mining-friendly jurisdiction, which supports the strategic importance of the Majuba Hill project [4][19]. AI-Driven Exploration - ExploreTech will deploy its Engine AI platform to model potential locations of buried intrusive sources, allowing for more informed drilling decisions [8][9]. - The AI approach combines surface geology with geophysical data to optimize targeting of concealed mineralization, generating thousands of potential subsurface models [11][12]. Upcoming Drilling Program - ExploreTech is expected to deliver drill targeting results by the end of March 2026, aiding in the planning and execution of the upcoming drilling program [9]. - The integration of AI-driven modeling with historical datasets is anticipated to unlock additional value at the Majuba Hill project [10]. Project Characteristics - Majuba Hill spans 9,684 acres and is located in a top-ranked mining jurisdiction, with existing infrastructure providing significant cost advantages [19][20]. - The project has a history of production and shows indications of a large mineralized body, with expansion potential in all directions [20][23].

THE ONLY CHINESE SILVER ETF IS CURRENTLY TRADING IN CHINA AT A 40% PREMIUM TO THE U.S. https://t.co/P4MgDncI6X ...

Group 1 - The precious metals sector, particularly silver, has seen significant price increases, with silver prices up 240% over the past year due to supply constraints in China and political uncertainty in the U.S. [1] - Silver prices have crossed $100 per ounce for the first time, driven by geopolitical turmoil and uncertainty regarding the U.S. dollar as a safe asset [2] - The dollar index has declined by almost 10% in the past year, indicating a potential withdrawal of investors from the U.S. [3] Group 2 - Rising deficit spending and concerns about central bank independence are contributing to a loss of faith in the U.S. dollar, exacerbated by political pressure on the Federal Reserve [4] - China has announced export restrictions on silver, limiting eligible exporters, which has created fear in financial markets, although the real-world impact has been minimal [5] - Historical patterns show that silver has experienced several speculative rallies followed by crashes, with the most recent boom occurring in 2011 [9]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Global Commodities Outlook**, particularly in the context of the **energy sector**, including oil, natural gas, and precious metals like gold and silver [1][3][16][25]. Core Insights and Arguments Oil Market - **Price Trends**: Oil prices are trending down due to strong supply driving stock builds, with a limited decline of only **0.7 million barrels per day (mb/d)** in sanctioned production expected by the end of 2027 [3][6]. - **Geopolitical Risks**: Despite the price decline, geopolitical risks remain a significant factor influencing the oil market [13]. - **US Policy Focus**: US policymakers are concentrating on affordability, with statements indicating a desire to lower gasoline prices to **$2 per gallon** and crude oil prices to **$50 per barrel** [10]. Gold Market - **Price Forecast**: A rise in gold prices to **$4,900 by December 2026** is anticipated, driven by central banks and investors competing for limited bullion [16]. - **Portfolio Impact**: Each **1 basis point (bp)** increase in gold's share of US financial portfolios is estimated to lift the gold price by approximately **1.4%** [19]. Natural Gas Market - **Oversupply Expectations**: The global LNG market is expected to be oversupplied, which will sharply reduce European and Asian prices relative to US gas prices [28]. - **Price Reduction**: The largest LNG supply wave is projected to reduce TTF prices by nearly **35% by mid-2027** [52]. Copper and Aluminum Market - **Pricing Dynamics**: The copper market is experiencing significant price overshooting, with a forecast indicating that the copper-aluminum price ratio will reach new highs due to supply constraints and increased demand from electrification [34][52]. - **Long-Term Outlook**: Copper is expected to face a more price-supportive setup compared to aluminum in the long term [38]. Power Market - **Capacity Additions**: US data center capacity additions are reaching new highs, leading to increased risks of spikes in local power prices due to geographical concentration [41]. - **Spare Capacity Trends**: A decrease in power spare capacity is expected in the US, while an increase is anticipated in China [44]. Additional Important Insights - **Commodity Supply Concentration**: There is an increasing use of commodity supply concentration as leverage in market dynamics [31]. - **Investment Recommendations**: The report includes top trade recommendations for 2026, such as long positions in gold and copper, and short positions in Brent oil and European natural gas [51]. This summary encapsulates the critical insights and forecasts from the conference call, providing a comprehensive overview of the current state and future expectations of the commodities market.

Market Performance - The Dow Jones Industrial Average rose 0.7% in December, marking its eighth consecutive winning month, the longest streak since 2018 [1] - The S&P 500 slipped about 0.06% for the month, while the Nasdaq Composite finished down about 1% [1] - The final five trading sessions of December were downbeat, with the Nasdaq losing 1.3%, the S&P 500 retreating 0.9%, and the Dow Jones falling 0.7% [2] Seasonal Trends - Historically, stocks tend to rise during the final five trading days of the year and the first two sessions of the new year, a pattern now under threat [3] S&P 500 Performance - The S&P 500 rallied 24% in 2023, 23% in 2024, and 16% in 2025, resulting in an almost 80% gain over three years, marking the strongest return over a three-year win streak since 2019-2021 [4] - The S&P 500 has not posted four consecutive annual gains since the five-year run from 2003 to 2007 [5] Economic Indicators - The Federal Reserve has issued hawkish guidance for 2026, with a cooling U.S. labor market and persistent inflation [5] - The net impact of Trump tariffs remains unclear, and developed-market central banks are unlikely to cut rates at the beginning of 2026 [5] Sector Performance - Cannabis ETFs saw significant gains, with AdvisorShares Pure US Cannabis ETF (MSOS) up 35.6% and Roundhill Cannabis ETF (WEED) up 35.5% due to potential easing of federal marijuana regulations [7][8] - Silver ETFs also performed well, with abrdn Physical Silver Shares ETF (SIVR) up 25.9% and iShares Silver Trust (SLV) up 25.8%, driven by supply tightness and industrial demand [7][9] - Platinum ETFs, such as abrdn Physical Platinum Shares ETF (PPLT), rose 22.2% due to supply constraints and increased industrial usage [10] - Space ETFs, including Procure Space ETF (UFO), increased by 16.2%, bolstered by Rocket Lab's stock surge and positive developments in the space economy [11] - Copper Mining ETFs, like Global X Copper Miners ETF (COPX), rose 14.3% as copper prices hit records due to high demand and fragile supply, particularly from AI data centers [12]

Group 1 - International silver is currently trading above $77.98, with an opening price of $81.33 per ounce and a current price of $79.68, reflecting a 0.71% increase. The highest price reached was $83.62, while the lowest was $76.14, indicating a short-term bullish trend in the silver market [1] - Since hitting a low of $48.64 on November 21, silver has accumulated an increase of over $28.67. Speculators appear to be aiming to challenge a target price of $100 or higher by 2026, driven by strong upward momentum [4] - In the past 24 trading days since the low on November 21, there have only been 5 days of declines. The recent technical support is at the 50% retracement level of $69.50, with the current market price exceeding the 50-day moving average by $21.96 [4] Group 2 - As long as silver prices remain above the accumulation range of $30-$50, the broader bullish outlook will remain intact. Today's support levels are at $74.5-$75 and the 5 and 10-day moving averages, while resistance levels are at $79.5-$80 and $81.5 and $84 [4]

Core Viewpoint - The U.S. is accused of aggressive actions against Venezuela, particularly targeting its leadership and energy sector, amid rising tensions and sanctions against Nicolás Maduro's government [1][2]. Group 1: U.S. Actions and Accusations - Venezuelan Ambassador Samuel Moncada described U.S. actions as "the greatest extortion known in our history," particularly after the seizure of two Venezuelan oil tankers [2]. - Moncada claimed that the U.S. has demanded Venezuela to surrender its land, oil, and minerals, threatening military action if compliance is not met [2]. - U.S. Ambassador Michael Waltz stated that the U.S. does not recognize Maduro's government as legitimate and labeled Maduro as a fugitive involved in drug trafficking [3]. Group 2: Economic Implications - The seizure of oil tankers is seen as a move to weaken Maduro's regime, which relies heavily on oil revenues [4]. - The Trump administration's pressure has led to a rise in crude oil prices, which are currently trading at $58.50 per barrel, reflecting a 3.25% increase over the past week [6]. - Gold and silver prices have also surged, with gold reaching an all-time high of $4,530 per ounce and silver at $75 per ounce [5]. Group 3: Market Reactions - The United States Oil Fund LP, which tracks light sweet crude oil prices, has increased by 3.66% over the past week, trading at $70.20 per share [7].

Company News - UniFirst Corp (NYSE:UNF) received an acquisition proposal from Cintas Corporation (NASDAQ:CTAS) for $275 per share in cash, valuing UniFirst at approximately $5.2 billion, representing a 64% premium to its 90-day average closing price as of December 11, 2025 [2] - Adeia Inc (NASDAQ:ADEA) shares surged 28% to $16.38 after signing a long-term media IP license agreement with Disney and raising its 2025 outlook [8] - Sidus Space, Inc. (NASDAQ:SIDU) shares increased by 88% to $2.18 after being awarded a contract under the Missile Defense Agency's SHIELD IDIQ program [8] - Blacksky Technology Inc (NYSE:BKSY) shares rose 17% to $22.55 after Jefferies initiated coverage with a Buy rating and a price target of $23 [8] - Luminar Technologies, Inc. (NASDAQ:LAZR) shares dropped 61% to $0.24 after previously jumping around 175% on Friday, following the announcement of voluntary Chapter 11 proceedings [8] - EUDA Health Holdings Limited (NASDAQ:EUDA) shares fell 45% to $1.55 after announcing a strategic technology integration for its Digital Health and Rewards Platform [8] - Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) shares decreased by 21% to $1.72 as the company announced its intent to commence a self tender offer [8] Market Performance - U.S. stocks traded higher, with the Dow Jones index gaining more than 150 points, up 0.39% to 48,322.06, NASDAQ up 0.46% to 23,417.50, and S&P 500 rising 0.46% to 6,866.26 [1] - In commodity news, oil traded up 2.1% to $57.71, gold up 1.8% to $4,464.20, silver up 2.2% to $68.94, while copper fell 0.2% to $5.4970 [5]

Market Overview - U.S. stocks experienced an upward trend, with the Nasdaq Composite increasing by over 100 points on Monday. The Dow rose by 0.18% to 48,222.17, the NASDAQ increased by 0.56% to 23,439.24, and the S&P 500 gained 0.45% to 6,864.96 [1] - Asian markets closed higher, with Japan's Nikkei 225 gaining 1.81%, Hong Kong's Hang Seng up 0.43%, China's Shanghai Composite rising 0.69%, and India's BSE Sensex increasing by 0.75% [6] Sector Performance - Energy shares rose by 1.3% on Monday, while utilities stocks fell by 0.5% [1] Commodity Prices - Oil prices increased by 2.2% to $57.75, gold rose by 1.7% to $4,463.30, silver was up 2.5% to $69.150, and copper fell by 0.1% to $5.5085 [4] European Market Performance - European shares were lower, with the eurozone's STOXX 600 declining by 0.3%, Spain's IBEX 35 Index falling by 0.2%, London's FTSE 100 down by 0.5%, Germany's DAX 40 decreasing by 0.3%, and France's CAC 40 dropping by 0.5% [5] Notable Stock Movements - Haoxin Holdings Limited (NASDAQ:HXHX) shares surged by 118% to $0.7513, while Sidus Space, Inc. (NASDAQ:SIDU) increased by 78% to $2.0650 after receiving a contract from the Missile Defense Agency [8] - Jyong Biotech Ltd. (NASDAQ:MENS) shares rose by 36% to $4.32 [8] - Luminar Technologies, Inc. (NASDAQ:LAZR) shares dropped by 60% to $0.2396 after announcing voluntary Chapter 11 proceedings [8] - EUDA Health Holdings Limited (NASDAQ:EUDA) shares fell by 25% to $2.09 following a strategic technology integration announcement [8] - Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) shares decreased by 20% to $1.74 as the company announced a self tender offer [8]