PSLV is trading at $16.85 (-3.38%), with the Fed’s hawkish tone and pressure on precious metals offering the clearest explanation for the decline. - Silver futures fell overnight: COMEX silver declined 0.87% and SHFE silver fell 1.53%. - Elevated Treasury yields, expectations of further Fed tightening, and weak month-end physical demand are weighing on silver. - Available reports do not establish why PSLV’s indicated decline exceeds the reported futures moves.