PSLV is trading at $21.18, down 3.29% on September 23, 2026, as renewed selling in the trust’s market price contrasts with firm silver. - Silver remains firm near $67.40, highlighting divergence from physical silver. - The likely catalyst is widening discount-to-NAV pressure, amplified by thin early-session liquidity and Treasury yields near 4.97%. - PSLV traded at roughly a 4.24% discount to NAV; recent data shows its discount has commonly remained below NAV.