PHAG.AS is trading at €52.76, up 3.23% on August 20, 2026, primarily tracking silver’s sharp rebound after the U.S. Treasury expanded long-term bond buybacks.

  • The announcement initially lowered long-dated yields and weakened the dollar, improving precious-metals sentiment; silver rose nearly 6% during the prior session and remained near $67 an ounce on August 20.
  • The move was commodity- and macro-driven rather than fund-specific, with silver’s rally outweighing broader equity weakness and renewed intraday yield pressure.
  • Profit-taking caused some volatility in spot markets.