According to @KobeissiLetter, retail investors have driven iShares Silver Trust SLV holdings to 16,390 tonnes, the highest level since July 2022. Source: The Kobeissi Letter on X, December 30, 2025. Total silver held by the fund has increased by about 3,000 tonnes since February. Source: The Kobeissi Letter on X, December 30, 2025. SLV is identified as the largest physical-backed silver ETF, highlighting heavy retail participation in the silver market. Source: The Kobeissi Letter on X, December 30, 2025.