SLV's deep discount to NAV
As ZeroHedge noted, SLV is trading at a very deep discount to NAV (Net Asset Value). This was to be expected given silver's recent 1 day crash.
When SLV's premium to Net Asset Value was <-7%, this was a more bearish than random sign for SLV on all time frames. All but 1 historical case (June 2006) saw SLV make at least marginal new lows:
GLD's premium vs. NAV isn't as extreme:
GLD's forward returns were slightly more bearish than random, but not as bearish as SLV's forward returns: