This bull market in silver is totally different from normal. It looks like investors are using higher prices of silver to liquidate their long positions in silver held in SLV:
Note that in August and September (up to date), SLV reported an outflow of 14.7 million ounces of silver, in total. It is really a high amount.
As a result, the current silver holdings at SLV are very close to the amount of silver held at the beginning of the current stage of a bull market in precious metals (two circles marked in red):
So the question is: what is wrong with silver?