The iShares Silver Trust (SLV) surged 5.02% during Thursday's intraday trading session, significantly outperforming the broader market.

The sharp rise in the silver-backed ETF is attributed to a rebound in the underlying silver market from the critical $60 per ounce support level. Market analyst Christopher Lewis noted that silver initially plunged but saw a turnaround, with the $60 level being crucial for some time. Bouncing from this support opens up the possibility of a move higher, driven by renewed buying interest.

Lewis highlighted that the demand for silver is much higher than the supply, which opens up the possibility of value at these levels. However, he cautioned that the silver market remains beholden to interest rates and geopolitical headlines, such as those involving Iran and the U.S., advising traders to be careful with position sizing.