TERN

iShares Silver Trust: Inventory Climbs as Metal Price Plunges

I see no surprise in the inventory growth of SLV.
SLV represents hoarding or silver, as opposed to leveraged trading.

As the price drops, hoarding some more silver in SLV becomes more attractive.

Redemptions will take place when the silver prices are high and better investments are available.

That is not the case now.