SEC Info - iShares Silver Trust - ‘10-K’ for 12/31/20

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iShares Silver Trust – ‘10-K’ for 12/31/20 – ‘EX-101.LAB’

On: Monday, 3/1/21, at 5:05pm ET · For: 12/31/20 · Accession #: 1437749-21-4600 · File #: 1-32863

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/01/21  iShares Silver Trust              10-K       12/31/20   43:2.7M                                   RDG Filings/FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    464K 
 2: EX-23.1     Consent of Expert or Counsel                        HTML     13K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     18K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     18K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     15K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     15K 
13: R1          Document And Entity Information                     HTML     73K 
14: R2          Statements of Assets and Liabilities                HTML     36K 
15: R3          Statements of Assets and Liabilities                HTML     19K 
                (Parentheticals)                                                 
16: R4          Statements of Operations                            HTML     48K 
17: R5          Statements of Changes in Net Assets                 HTML     50K 
18: R6          Statements of Cash Flows                            HTML     56K 
19: R7          Schedules of Investments                            HTML     32K 
20: R8          Note 1 - Organization                               HTML     18K 
21: R9          Note 2 - Significant Accounting Policies            HTML     84K 
22: R10         Note 3 - Trust Expenses                             HTML     16K 
23: R11         Note 4 - Related Parties                            HTML     17K 
24: R12         Note 5 - Indemnification                            HTML     17K 
25: R13         Note 6 - Commitments and Contingent Liabilities     HTML     17K 
26: R14         Note 7 - Concentration Risk                         HTML     17K 
27: R15         Note 8 - Financial Highlights                       HTML     34K 
28: R16         Note 9 - Investment Valuation                       HTML     21K 
29: R17         Significant Accounting Policies (Policies)          HTML     92K 
30: R18         Schedules of Investments (Tables)                   HTML     30K 
31: R19         Note 2 - Significant Accounting Policies (Tables)   HTML     75K 
32: R20         Note 8 - Financial Highlights (Tables)              HTML     32K 
33: R21         Schedules of Investments - Investments (Details)    HTML     23K 
34: R22         Schedules of Investments - Investments (Details)    HTML     18K 
                (Parentheticals)                                                 
35: R23         Note 2 - Significant Accounting Policies (Details   HTML     13K 
                Textual)                                                         
36: R24         Note 2 - Significant Accounting Policies -          HTML     46K 
                Activity in Silver Bullion (Details)                             
37: R25         Note 2 - Significant Accounting Policies - Share    HTML     26K 
                Activity (Details)                                               
38: R26         Note 3 - Trust Expenses (Details Textual)           HTML     16K 
39: R27         Note 8 - Financial Highlights - Financial           HTML     30K 
                Highlights (Details)                                             
41: XML         IDEA XML File -- Filing Summary                      XML     67K 
12: XML         XBRL Instance -- slv20201231_10k_htm                 XML    525K 
40: EXCEL       IDEA Workbook of Financial Reports                  XLSX     36K 
 8: EX-101.CAL  XBRL Calculations -- slv-20201231_cal                XML     44K 
 9: EX-101.DEF  XBRL Definitions -- slv-20201231_def                 XML    348K 
10: EX-101.LAB  XBRL Labels -- slv-20201231_lab                      XML    307K 
11: EX-101.PRE  XBRL Presentations -- slv-20201231_pre               XML    386K 
 7: EX-101.SCH  XBRL Schema -- slv-20201231                          XSD     86K 
42: JSON        XBRL Instance as JSON Data -- MetaLinks              101±   156K 
43: ZIP         XBRL Zipped Folder -- 0001437749-21-004600-xbrl      Zip    131K

‘EX-101.LAB’ — XBRL Labels — slv-20201231_lab

This Exhibit is an XBRL XML File.

<?xml version="1.0" standalone="no" encoding="windows-1252"?>

<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">

<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple"/>

<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" xlink:type="simple"/>

<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" xlink:type="simple"/>

<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple"/>

<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple"/>

<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" xlink:type="simple"/>

<link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple"/>

<link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">

<link:loc xlink:href="slv-20201231.xsd#slv_DocumentAndEntityInformation" xlink:label="slv_DocumentAndEntityInformation" xlink:type="locator"/>

<link:label xlink:label="slv_DocumentAndEntityInformation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document And Entity Information </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_DocumentAndEntityInformation" xlink:to="slv_DocumentAndEntityInformation-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NoteToFinancialStatementDetailsTextual" xlink:label="slv_NoteToFinancialStatementDetailsTextual" xlink:type="locator"/>

<link:label xlink:label="slv_NoteToFinancialStatementDetailsTextual-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Note To Financial Statement Details Textual </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NoteToFinancialStatementDetailsTextual" xlink:to="slv_NoteToFinancialStatementDetailsTextual-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-significant-accounting-policies-policies" xlink:label="slv_statement-statement-significant-accounting-policies-policies" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-significant-accounting-policies-policies-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Significant Accounting Policies </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-significant-accounting-policies-policies" xlink:to="slv_statement-statement-significant-accounting-policies-policies-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SponsorsFees" xlink:label="slv_SponsorsFees" xlink:type="locator"/>

<link:label xlink:label="slv_SponsorsFees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sponsor's fees </link:label>

<link:label xlink:label="slv_SponsorsFees-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fees paid to the sponsor of the trust. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SponsorsFees" xlink:to="slv_SponsorsFees-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-schedules-of-investments-tables" xlink:label="slv_statement-statement-schedules-of-investments-tables" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-schedules-of-investments-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedules of Investments </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-schedules-of-investments-tables" xlink:to="slv_statement-statement-schedules-of-investments-tables-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-note-2-significant-accounting-policies-tables" xlink:label="slv_statement-statement-note-2-significant-accounting-policies-tables" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-note-2-significant-accounting-policies-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Note 2 - Significant Accounting Policies </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-note-2-significant-accounting-policies-tables" xlink:to="slv_statement-statement-note-2-significant-accounting-policies-tables-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-note-8-financial-highlights-tables" xlink:label="slv_statement-statement-note-8-financial-highlights-tables" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-note-8-financial-highlights-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Note 8 - Financial Highlights </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-note-8-financial-highlights-tables" xlink:to="slv_statement-statement-note-8-financial-highlights-tables-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Related Party Transactions Disclosure [Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-schedules-of-investments-investments-details" xlink:label="slv_statement-statement-schedules-of-investments-investments-details" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-schedules-of-investments-investments-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedules of Investments - Investments (Details) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-schedules-of-investments-investments-details" xlink:to="slv_statement-statement-schedules-of-investments-investments-details-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-schedules-of-investments-investments-details-parentheticals" xlink:label="slv_statement-statement-schedules-of-investments-investments-details-parentheticals" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-schedules-of-investments-investments-details-parentheticals-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedules of Investments - Investments (Details) (Parentheticals) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-schedules-of-investments-investments-details-parentheticals" xlink:to="slv_statement-statement-schedules-of-investments-investments-details-parentheticals-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-note-2-significant-accounting-policies-activity-in-silver-bullion-details" xlink:label="slv_statement-statement-note-2-significant-accounting-policies-activity-in-silver-bullion-details" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-note-2-significant-accounting-policies-activity-in-silver-bullion-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-note-2-significant-accounting-policies-activity-in-silver-bullion-details" xlink:to="slv_statement-statement-note-2-significant-accounting-policies-activity-in-silver-bullion-details-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-note-2-significant-accounting-policies-share-activity-details" xlink:label="slv_statement-statement-note-2-significant-accounting-policies-share-activity-details" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-note-2-significant-accounting-policies-share-activity-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Note 2 - Significant Accounting Policies - Share Activity (Details) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-note-2-significant-accounting-policies-share-activity-details" xlink:to="slv_statement-statement-note-2-significant-accounting-policies-share-activity-details-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:type="locator"/>

<link:label xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod </link:label>

<link:label xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Distributions for Shares redeemed </link:label>

<link:label xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Value of stock classified as temporary equity surrendered during the reporting period. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_statement-statement-note-8-financial-highlights-financial-highlights-details" xlink:label="slv_statement-statement-note-8-financial-highlights-financial-highlights-details" xlink:type="locator"/>

<link:label xlink:label="slv_statement-statement-note-8-financial-highlights-financial-highlights-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Note 8 - Financial Highlights - Financial Highlights (Details) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_statement-statement-note-8-financial-highlights-financial-highlights-details" xlink:to="slv_statement-statement-note-8-financial-highlights-financial-highlights-details-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StatementEquityComponentsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Components [Axis] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" xlink:type="locator"/>

<link:label xlink:label="us-gaap_EquityComponentDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Equity Component [Domain] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NotesToFinancialStatements" xlink:label="slv_NotesToFinancialStatements" xlink:type="locator"/>

<link:label xlink:label="slv_NotesToFinancialStatements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Notes To Financial Statements </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NotesToFinancialStatements" xlink:to="slv_NotesToFinancialStatements-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NotesToFinancialStatementsAbstract" xlink:label="slv_NotesToFinancialStatementsAbstract" xlink:type="locator"/>

<link:label xlink:label="slv_NotesToFinancialStatementsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Notes To Financial Statements [Abstract] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NotesToFinancialStatementsAbstract" xlink:to="slv_NotesToFinancialStatementsAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverBullionBalance" xlink:label="slv_SilverBullionBalance" xlink:type="locator"/>

<link:label xlink:label="slv_SilverBullionBalance-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion (Ounce) </link:label>

<link:label xlink:label="slv_SilverBullionBalance-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Beginning balance (Ounce) </link:label>

<link:label xlink:label="slv_SilverBullionBalance-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Ending balance (Ounce) </link:label>

<link:label xlink:label="slv_SilverBullionBalance-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ounces of silver bullion held by the trust. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverBullionBalance" xlink:to="slv_SilverBullionBalance-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SharesPrescribedAggregation" xlink:label="slv_SharesPrescribedAggregation" xlink:type="locator"/>

<link:label xlink:label="slv_SharesPrescribedAggregation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SharesPrescribedAggregation </link:label>

<link:label xlink:label="slv_SharesPrescribedAggregation-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Shares Prescribed Aggregation (in shares) </link:label>

<link:label xlink:label="slv_SharesPrescribedAggregation-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Prescribed aggregation at which shares are issued and redeemed. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesPrescribedAggregation" xlink:to="slv_SharesPrescribedAggregation-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="us-gaap_GainLossOnInvestments" xlink:type="locator"/>

<link:label xlink:label="us-gaap_GainLossOnInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_GainLossOnInvestments </link:label>

<link:label xlink:label="us-gaap_GainLossOnInvestments-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net realized and unrealized gain (loss) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestments" xlink:to="us-gaap_GainLossOnInvestments-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:type="locator"/>

<link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties </link:label>

<link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sponsor’s fees payable </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_CalculationOfNetAssetValuePolicyTextBlock" xlink:label="slv_CalculationOfNetAssetValuePolicyTextBlock" xlink:type="locator"/>

<link:label xlink:label="slv_CalculationOfNetAssetValuePolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Calculation of Net Asset Value [Policy Text Block] </link:label>

<link:label xlink:label="slv_CalculationOfNetAssetValuePolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The method used by the entity to calculate the net asset value. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_CalculationOfNetAssetValuePolicyTextBlock" xlink:to="slv_CalculationOfNetAssetValuePolicyTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_IncomeTaxPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Income Tax, Policy [Policy Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="us-gaap_AssetsFairValueDisclosure" xlink:type="locator"/>

<link:label xlink:label="us-gaap_AssetsFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_AssetsFairValueDisclosure </link:label>

<link:label xlink:label="us-gaap_AssetsFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total Assets </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosure" xlink:to="us-gaap_AssetsFairValueDisclosure-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" xlink:type="locator"/>

<link:label xlink:label="us-gaap_OperatingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_OperatingExpenses </link:label>

<link:label xlink:label="us-gaap_OperatingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total expenses </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:type="locator"/>

<link:label xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1 </link:label>

<link:label xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion distributed for Shares redeemed </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:to="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_TrustExpensesTextBlock" xlink:label="slv_TrustExpensesTextBlock" xlink:type="locator"/>

<link:label xlink:label="slv_TrustExpensesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Trust Expenses [Text Block] </link:label>

<link:label xlink:label="slv_TrustExpensesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The entire disclosure for expenses incurred by the trust. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_TrustExpensesTextBlock" xlink:to="slv_TrustExpensesTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:type="locator"/>

<link:label xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion sold to pay expenses </link:label>

<link:label xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion sold to pay expenses, realized gain (loss) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue" xlink:label="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue" xlink:type="locator"/>

<link:label xlink:label="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue </link:label>

<link:label xlink:label="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Sponsor's Fee Annualized Accrual Rate Based on Daily Net Asset Value </link:label>

<link:label xlink:label="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Sponsor's fee annualized accrual rate based on daily net asset value </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue" xlink:to="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_LegalFeesPerYear" xlink:label="slv_LegalFeesPerYear" xlink:type="locator"/>

<link:label xlink:label="slv_LegalFeesPerYear-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_LegalFeesPerYear </link:label>

<link:label xlink:label="slv_LegalFeesPerYear-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Legal Fees Per Year </link:label>

<link:label xlink:label="slv_LegalFeesPerYear-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Maximum per annum in legal fees and expenses the sponsor has agreed to assume. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_LegalFeesPerYear" xlink:to="slv_LegalFeesPerYear-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_FinancialHighlightsTextBlock" xlink:label="slv_FinancialHighlightsTextBlock" xlink:type="locator"/>

<link:label xlink:label="slv_FinancialHighlightsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Financial Highlights [Text Block] </link:label>

<link:label xlink:label="slv_FinancialHighlightsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Presentation of financial highlights related to investment performance and operations. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_FinancialHighlightsTextBlock" xlink:to="slv_FinancialHighlightsTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueNetAssetLiability" xlink:label="us-gaap_FairValueNetAssetLiability" xlink:type="locator"/>

<link:label xlink:label="us-gaap_FairValueNetAssetLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Assets </link:label>

<link:label xlink:label="us-gaap_FairValueNetAssetLiability-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net Assets </link:label>

<link:label xlink:label="us-gaap_FairValueNetAssetLiability-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Net Assets, Beginning of Year </link:label>

<link:label xlink:label="us-gaap_FairValueNetAssetLiability-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Net Assets, End of Year </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueNetAssetLiability" xlink:to="us-gaap_FairValueNetAssetLiability-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_IndemnificationTextBlock" xlink:label="slv_IndemnificationTextBlock" xlink:type="locator"/>

<link:label xlink:label="slv_IndemnificationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Indemnification [Text Block] </link:label>

<link:label xlink:label="slv_IndemnificationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Includes disclosure of indemnification. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_IndemnificationTextBlock" xlink:to="slv_IndemnificationTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:type="locator"/>

<link:label xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investment in silver bullion, at fair value </link:label>

<link:label xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Beginning balance, fair value </link:label>

<link:label xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Ending balance, fair value </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:to="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure" xlink:label="us-gaap_LiabilitiesFairValueDisclosure" xlink:type="locator"/>

<link:label xlink:label="us-gaap_LiabilitiesFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_LiabilitiesFairValueDisclosure </link:label>

<link:label xlink:label="us-gaap_LiabilitiesFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Less Liabilities </link:label>

<link:label xlink:label="us-gaap_LiabilitiesFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Total Liabilities </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosure" xlink:to="us-gaap_LiabilitiesFairValueDisclosure-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>

<link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_CashAndCashEquivalentsAtCarryingValue </link:label>

<link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Cash, beginning of year </link:label>

<link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Cash, end of year </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentAnnualReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Annual Report </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="us-gaap_RealizedInvestmentGainsLosses" xlink:type="locator"/>

<link:label xlink:label="us-gaap_RealizedInvestmentGainsLosses-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US"> Ending balance, realized gain (loss) </link:label>

<link:label xlink:label="us-gaap_RealizedInvestmentGainsLosses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net realized gain (loss) </link:label>

<link:label xlink:label="us-gaap_RealizedInvestmentGainsLosses-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net realized gain (loss), fair value </link:label>

<link:label xlink:label="us-gaap_RealizedInvestmentGainsLosses-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net realized gain (loss) </link:label>

<link:label xlink:label="us-gaap_RealizedInvestmentGainsLosses-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Net realized (gain) loss </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>

<link:label xlink:label="dei_AmendmentFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Amendment Flag </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:type="locator"/>

<link:label xlink:label="dei_EntityIncorporationStateCountryCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_AccountingPoliciesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Significant Accounting Policies [Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:type="locator"/>

<link:label xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets </link:label>

<link:label xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Less liabilities, percentage of net asset value </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentTransitionReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Transition Report </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:type="locator"/>

<link:label xlink:label="dei_CityAreaCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> City Area Code </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Basis of Accounting, Policy [Policy Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnInvestmentsAbstract" xlink:label="us-gaap_GainLossOnInvestmentsAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_GainLossOnInvestmentsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net Realized and Unrealized Gain (Loss) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestmentsAbstract" xlink:to="us-gaap_GainLossOnInvestmentsAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Concentration Risk Disclosure [Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" xlink:type="locator"/>

<link:label xlink:label="dei_EntityInteractiveDataCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Interactive Data Current </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentOwnedAtFairValue" xlink:label="us-gaap_InvestmentOwnedAtFairValue" xlink:type="locator"/>

<link:label xlink:label="us-gaap_InvestmentOwnedAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion fair value </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtFairValue" xlink:to="us-gaap_InvestmentOwnedAtFairValue-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_ActivityInSilverBullionTableTextBlock" xlink:label="slv_ActivityInSilverBullionTableTextBlock" xlink:type="locator"/>

<link:label xlink:label="slv_ActivityInSilverBullionTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Activity in Silver Bullion [Table Text Block] </link:label>

<link:label xlink:label="slv_ActivityInSilverBullionTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Tabular disclosure of the ounces, average cost, fair value and realized gain (loss) related to activity in silver bullion. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ActivityInSilverBullionTableTextBlock" xlink:to="slv_ActivityInSilverBullionTableTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:type="locator"/>

<link:label xlink:label="dei_SecurityExchangeName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Security Exchange Name </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverContributed" xlink:label="slv_SilverContributed" xlink:type="locator"/>

<link:label xlink:label="slv_SilverContributed-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion contributed (Ounce) </link:label>

<link:label xlink:label="slv_SilverContributed-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ounces of silver bullion contributed for the creation of shares. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributed" xlink:to="slv_SilverContributed-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:type="locator"/>

<link:label xlink:label="dei_Security12bTitle-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Title of 12(b) Security </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverContributedAverageCost" xlink:label="slv_SilverContributedAverageCost" xlink:type="locator"/>

<link:label xlink:label="slv_SilverContributedAverageCost-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion contributed, average cost </link:label>

<link:label xlink:label="slv_SilverContributedAverageCost-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Average cost of silver bullion contributed for the creation of shares. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributedAverageCost" xlink:to="slv_SilverContributedAverageCost-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>

<link:label xlink:label="dei_CurrentFiscalYearEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Current Fiscal Year End Date </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in Shares issued and outstanding (in shares) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" xlink:to="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember" xlink:label="srt_RangeMember" xlink:type="locator"/>

<link:label xlink:label="srt_RangeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MaximumMember" xlink:label="srt_MaximumMember" xlink:type="locator"/>

<link:label xlink:label="srt_MaximumMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Maximum [Member] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentFiscalPeriodFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Fiscal Period Focus </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverContributedFairValue" xlink:label="slv_SilverContributedFairValue" xlink:type="locator"/>

<link:label xlink:label="slv_SilverContributedFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion contributed, fair value </link:label>

<link:label xlink:label="slv_SilverContributedFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fair value of silver bullion contributed for the creation of shares. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributedFairValue" xlink:to="slv_SilverContributedFairValue-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentFiscalYearFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Fiscal Year Focus </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentPeriodEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Period End Date </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverDistributed" xlink:label="slv_SilverDistributed" xlink:type="locator"/>

<link:label xlink:label="slv_SilverDistributed-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SilverDistributed </link:label>

<link:label xlink:label="slv_SilverDistributed-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion distributed (Ounce) </link:label>

<link:label xlink:label="slv_SilverDistributed-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ounces of silver bullion distributed for the redemption of shares. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributed" xlink:to="slv_SilverDistributed-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis" xlink:type="locator"/>

<link:label xlink:label="srt_RangeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverDistributedAverageCost" xlink:label="slv_SilverDistributedAverageCost" xlink:type="locator"/>

<link:label xlink:label="slv_SilverDistributedAverageCost-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SilverDistributedAverageCost </link:label>

<link:label xlink:label="slv_SilverDistributedAverageCost-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion distributed, average cost </link:label>

<link:label xlink:label="slv_SilverDistributedAverageCost-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Average cost of silver bullion distributed for the redemption of shares. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedAverageCost" xlink:to="slv_SilverDistributedAverageCost-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:type="locator"/>

<link:label xlink:label="dei_EntityFileNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity File Number </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverDistributedFairValue" xlink:label="slv_SilverDistributedFairValue" xlink:type="locator"/>

<link:label xlink:label="slv_SilverDistributedFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SilverDistributedFairValue </link:label>

<link:label xlink:label="slv_SilverDistributedFairValue-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion distributed, fair value </link:label>

<link:label xlink:label="slv_SilverDistributedFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fair value of silver bullion distributed for the redemption of shares. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedFairValue" xlink:to="slv_SilverDistributedFairValue-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverSold" xlink:label="slv_SilverSold" xlink:type="locator"/>

<link:label xlink:label="slv_SilverSold-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SilverSold </link:label>

<link:label xlink:label="slv_SilverSold-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion sold to pay expenses (Ounce) </link:label>

<link:label xlink:label="slv_SilverSold-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ounces of silver bullion sold to pay the trust's expenses. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSold" xlink:to="slv_SilverSold-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForFees" xlink:label="us-gaap_PaymentsForFees" xlink:type="locator"/>

<link:label xlink:label="us-gaap_PaymentsForFees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_PaymentsForFees </link:label>

<link:label xlink:label="us-gaap_PaymentsForFees-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Expenses – Sponsor’s fees paid </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForFees" xlink:to="us-gaap_PaymentsForFees-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:type="locator"/>

<link:label xlink:label="dei_EntityEmergingGrowthCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Emerging Growth Company </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverSoldAverageCost" xlink:label="slv_SilverSoldAverageCost" xlink:type="locator"/>

<link:label xlink:label="slv_SilverSoldAverageCost-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SilverSoldAverageCost </link:label>

<link:label xlink:label="slv_SilverSoldAverageCost-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion sold to pay expenses, average cost </link:label>

<link:label xlink:label="slv_SilverSoldAverageCost-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Average cost of silver bullion sold to pay the trust's expenses. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSoldAverageCost" xlink:to="slv_SilverSoldAverageCost-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentType-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Type </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SilverSoldFairValue" xlink:label="slv_SilverSoldFairValue" xlink:type="locator"/>

<link:label xlink:label="slv_SilverSoldFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SilverSoldFairValue </link:label>

<link:label xlink:label="slv_SilverSoldFairValue-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion sold to pay expenses, fair value </link:label>

<link:label xlink:label="slv_SilverSoldFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Fair value of silver bullion sold to pay the trust's expenses. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSoldFairValue" xlink:to="slv_SilverSoldFairValue-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentOwnedAtCost" xlink:label="us-gaap_InvestmentOwnedAtCost" xlink:type="locator"/>

<link:label xlink:label="us-gaap_InvestmentOwnedAtCost-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investment in silver bullion, cost </link:label>

<link:label xlink:label="us-gaap_InvestmentOwnedAtCost-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Beginning balance, average cost </link:label>

<link:label xlink:label="us-gaap_InvestmentOwnedAtCost-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Ending balance, average cost </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtCost" xlink:to="us-gaap_InvestmentOwnedAtCost-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" xlink:type="locator"/>

<link:label xlink:label="dei_EntitySmallBusiness-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Small Business </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" xlink:type="locator"/>

<link:label xlink:label="dei_EntityShellCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Shell Company </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PolicyTextBlockAbstract" xlink:label="us-gaap_PolicyTextBlockAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_PolicyTextBlockAbstract </link:label>

<link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Accounting Policies </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PolicyTextBlockAbstract" xlink:to="us-gaap_PolicyTextBlockAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentInformationLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Information [Line Items] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable" xlink:type="locator"/>

<link:label xlink:label="dei_DocumentInformationTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Document Information [Table] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationTable-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:type="locator"/>

<link:label xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Total investment, percentage of net asset value </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:to="us-gaap_InvestmentOwnedPercentOfNetAssets-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" xlink:type="locator"/>

<link:label xlink:label="dei_EntityPublicFloat-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Public Float </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses" xlink:label="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses" xlink:type="locator"/>

<link:label xlink:label="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Proceeds from silver bullion sold to pay expenses </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:type="locator"/>

<link:label xlink:label="dei_EntityFilerCategory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Filer Category </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:type="locator"/>

<link:label xlink:label="dei_EntityCurrentReportingStatus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Current Reporting Status </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:type="locator"/>

<link:label xlink:label="dei_EntityVoluntaryFilers-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Voluntary Filers </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:type="locator"/>

<link:label xlink:label="dei_EntityWellKnownSeasonedIssuer-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOfAssetsAcquired" xlink:label="us-gaap_FairValueOfAssetsAcquired" xlink:type="locator"/>

<link:label xlink:label="us-gaap_FairValueOfAssetsAcquired-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion contributed for Shares issued </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfAssetsAcquired" xlink:to="us-gaap_FairValueOfAssetsAcquired-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xlink:type="locator"/>

<link:label xlink:label="dei_EntityTaxIdentificationNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Tax Identification Number </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>

<link:label xlink:label="dei_EntityCentralIndexKey-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Central Index Key </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_FinancialHighlightsTableTextBlock" xlink:label="slv_FinancialHighlightsTableTextBlock" xlink:type="locator"/>

<link:label xlink:label="slv_FinancialHighlightsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Financial Highlights [Table Text Block] </link:label>

<link:label xlink:label="slv_FinancialHighlightsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Financial highlights table. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_FinancialHighlightsTableTextBlock" xlink:to="slv_FinancialHighlightsTableTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>

<link:label xlink:label="dei_EntityRegistrantName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Registrant Name </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_LiabilitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Liabilities </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:type="locator"/>

<link:label xlink:label="dei_EntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity [Domain] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:type="locator"/>

<link:label xlink:label="dei_LegalEntityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Legal Entity [Axis] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StatementTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement [Table] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:type="locator"/>

<link:label xlink:label="dei_EntityAddressAddressLine1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Address, Address Line One </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StatementOfFinancialPositionAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_SupplementalCashFlowInformationAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Supplemental disclosure of non-cash information: </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:type="locator"/>

<link:label xlink:label="dei_EntityAddressCityOrTown-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Address, City or Town </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NetInvestmentIncomeLossPerShare" xlink:label="slv_NetInvestmentIncomeLossPerShare" xlink:type="locator"/>

<link:label xlink:label="slv_NetInvestmentIncomeLossPerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net investment loss (in dollars per share) </link:label>

<link:label xlink:label="slv_NetInvestmentIncomeLossPerShare-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Net investment income (loss) per share during the period. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetInvestmentIncomeLossPerShare" xlink:to="slv_NetInvestmentIncomeLossPerShare-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:type="locator"/>

<link:label xlink:label="dei_EntityAddressPostalZipCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" xlink:type="locator"/>

<link:label xlink:label="us-gaap_EarningsPerShareBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in net assets per Share (in dollars per share) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:type="locator"/>

<link:label xlink:label="dei_EntityAddressStateOrProvince-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Address, State or Province </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableFairValueDisclosure" xlink:label="us-gaap_AccountsPayableFairValueDisclosure" xlink:type="locator"/>

<link:label xlink:label="us-gaap_AccountsPayableFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Sponsor’s fees payable </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableFairValueDisclosure" xlink:to="us-gaap_AccountsPayableFairValueDisclosure-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Cash Flows from Operating Activities </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NetRealizedAndUnrealizedGainLossPerShare" xlink:label="slv_NetRealizedAndUnrealizedGainLossPerShare" xlink:type="locator"/>

<link:label xlink:label="slv_NetRealizedAndUnrealizedGainLossPerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net realized and unrealized gain (loss) (in dollars per share) </link:label>

<link:label xlink:label="slv_NetRealizedAndUnrealizedGainLossPerShare-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Net realized and unrealized gain (loss) per share during the period. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedAndUnrealizedGainLossPerShare" xlink:to="slv_NetRealizedAndUnrealizedGainLossPerShare-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare" xlink:label="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare" xlink:type="locator"/>

<link:label xlink:label="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in net assets from operations (in dollars per share) </link:label>

<link:label xlink:label="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in net assets from operations per Share during the period. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare" xlink:to="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StatementOfCashFlowsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentTableTextBlock" xlink:label="us-gaap_InvestmentTableTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_InvestmentTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investment [Table Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTableTextBlock" xlink:to="us-gaap_InvestmentTableTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StatementLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement [Line Items] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock" xlink:label="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investment Holdings, Schedule of Investments [Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock" xlink:to="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:type="locator"/>

<link:label xlink:label="dei_EntityCommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StatementOfStockholdersEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_RatioToAverageNetAssetsAbstract" xlink:label="slv_RatioToAverageNetAssetsAbstract" xlink:type="locator"/>

<link:label xlink:label="slv_RatioToAverageNetAssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Ratio to average net assets: </link:label>

<link:label xlink:label="slv_RatioToAverageNetAssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ratio to average net assets [abstract] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_RatioToAverageNetAssetsAbstract" xlink:to="slv_RatioToAverageNetAssetsAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_IncomeStatementAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Income Statement [Abstract] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCapitalUnitsTextBlock" xlink:label="us-gaap_ScheduleOfCapitalUnitsTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_ScheduleOfCapitalUnitsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Schedule of Capital Units [Table Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCapitalUnitsTextBlock" xlink:to="us-gaap_ScheduleOfCapitalUnitsTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NetInvestmentGainLossToAverageNetAssetsRatio" xlink:label="slv_NetInvestmentGainLossToAverageNetAssetsRatio" xlink:type="locator"/>

<link:label xlink:label="slv_NetInvestmentGainLossToAverageNetAssetsRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_NetInvestmentGainLossToAverageNetAssetsRatio </link:label>

<link:label xlink:label="slv_NetInvestmentGainLossToAverageNetAssetsRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net investment loss </link:label>

<link:label xlink:label="slv_NetInvestmentGainLossToAverageNetAssetsRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ratio of net investment gain (loss) to average net assets. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetInvestmentGainLossToAverageNetAssetsRatio" xlink:to="slv_NetInvestmentGainLossToAverageNetAssetsRatio-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_ExpensesToAverageNetAssetsRatio" xlink:label="slv_ExpensesToAverageNetAssetsRatio" xlink:type="locator"/>

<link:label xlink:label="slv_ExpensesToAverageNetAssetsRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_ExpensesToAverageNetAssetsRatio </link:label>

<link:label xlink:label="slv_ExpensesToAverageNetAssetsRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Expenses </link:label>

<link:label xlink:label="slv_ExpensesToAverageNetAssetsRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Ratio of expenses to average net assets. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ExpensesToAverageNetAssetsRatio" xlink:to="slv_ExpensesToAverageNetAssetsRatio-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_TotalReturn" xlink:label="slv_TotalReturn" xlink:type="locator"/>

<link:label xlink:label="slv_TotalReturn-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Total return, at net asset value </link:label>

<link:label xlink:label="slv_TotalReturn-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Total return at net asset value for the period. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_TotalReturn" xlink:to="slv_TotalReturn-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:type="locator"/>

<link:label xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Silver bullion distributed for the redemption of Shares </link:label>

<link:label xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Silver bullion distributed, realized gain (loss) </link:label>

<link:label xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The net realized gain (loss) from silver distributed for the redemption of shares during the period. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:to="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>

<link:label xlink:label="dei_TradingSymbol-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Trading Symbol </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_OperationsAbstract" xlink:label="slv_OperationsAbstract" xlink:type="locator"/>

<link:label xlink:label="slv_OperationsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Operations: </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_OperationsAbstract" xlink:to="slv_OperationsAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Business Description and Basis of Presentation [Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityRedemptionPricePerShare" xlink:label="us-gaap_TemporaryEquityRedemptionPricePerShare" xlink:type="locator"/>

<link:label xlink:label="us-gaap_TemporaryEquityRedemptionPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net asset value per Share (Note 2C) (in dollars per share) </link:label>

<link:label xlink:label="us-gaap_TemporaryEquityRedemptionPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US"> Net asset value per Share, beginning of year (in dollars per share) </link:label>

<link:label xlink:label="us-gaap_TemporaryEquityRedemptionPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US"> Net asset value per Share, end of year (in dollars per share) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityRedemptionPricePerShare" xlink:to="us-gaap_TemporaryEquityRedemptionPricePerShare-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_CapitalShareTransactionsAbstract" xlink:label="slv_CapitalShareTransactionsAbstract" xlink:type="locator"/>

<link:label xlink:label="slv_CapitalShareTransactionsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Capital Share Transactions: </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_CapitalShareTransactionsAbstract" xlink:to="slv_CapitalShareTransactionsAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SharesIssuedAndRedeemedAbstract" xlink:label="slv_SharesIssuedAndRedeemedAbstract" xlink:type="locator"/>

<link:label xlink:label="slv_SharesIssuedAndRedeemedAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Shares issued and redeemed </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesIssuedAndRedeemedAbstract" xlink:to="slv_SharesIssuedAndRedeemedAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_IncreaseDecreaseInNetAssets" xlink:label="slv_IncreaseDecreaseInNetAssets" xlink:type="locator"/>

<link:label xlink:label="slv_IncreaseDecreaseInNetAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_IncreaseDecreaseInNetAssets </link:label>

<link:label xlink:label="slv_IncreaseDecreaseInNetAssets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Increase (decrease) in net assets </link:label>

<link:label xlink:label="slv_IncreaseDecreaseInNetAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Increase (decrease) in net assets. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_IncreaseDecreaseInNetAssets" xlink:to="slv_IncreaseDecreaseInNetAssets-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_FairValueDisclosuresTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Fair Value Disclosures [Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:type="locator"/>

<link:label xlink:label="dei_LocalPhoneNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Local Phone Number </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquitySharesIssued" xlink:label="us-gaap_TemporaryEquitySharesIssued" xlink:type="locator"/>

<link:label xlink:label="us-gaap_TemporaryEquitySharesIssued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Shares issued (in shares) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesIssued" xlink:to="us-gaap_TemporaryEquitySharesIssued-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquitySharesOutstanding" xlink:label="us-gaap_TemporaryEquitySharesOutstanding" xlink:type="locator"/>

<link:label xlink:label="us-gaap_TemporaryEquitySharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Shares issued and outstanding (in shares) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesOutstanding" xlink:to="us-gaap_TemporaryEquitySharesOutstanding-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" xlink:type="locator"/>

<link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in net assets resulting from operations </link:label>

<link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in net assets resulting from operations </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TableTextBlock" xlink:label="us-gaap_TableTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_TableTextBlock </link:label>

<link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Notes Tables </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TableTextBlock" xlink:to="us-gaap_TableTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_ReconciliationOfNetDecreaseInNetAssetsResultingFromOperationsToNetCashProvidedByOperatingActivitiesAbstract" xlink:label="slv_ReconciliationOfNetDecreaseInNetAssetsResultingFromOperationsToNetCashProvidedByOperatingActivitiesAbstract" xlink:type="locator"/>

<link:label xlink:label="slv_ReconciliationOfNetDecreaseInNetAssetsResultingFromOperationsToNetCashProvidedByOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ReconciliationOfNetDecreaseInNetAssetsResultingFromOperationsToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="slv_ReconciliationOfNetDecreaseInNetAssetsResultingFromOperationsToNetCashProvidedByOperatingActivitiesAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:type="locator"/>

<link:label xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Shares, par value (in dollars per share) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:to="us-gaap_TemporaryEquityParOrStatedValuePerShare-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_AssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Assets </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="locator"/>

<link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect </link:label>

<link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Increase (decrease) in cash </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:type="locator"/>

<link:label xlink:label="us-gaap_CommitmentsAndContingencies-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Commitments and contingent liabilities (Note 6) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_OfferingOfTheSharesPolicyTextBlock" xlink:label="slv_OfferingOfTheSharesPolicyTextBlock" xlink:type="locator"/>

<link:label xlink:label="slv_OfferingOfTheSharesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Offering of the Shares [Policy Text Block] </link:label>

<link:label xlink:label="slv_OfferingOfTheSharesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Disclosure of accounting policy for creation and redemption of shares. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_OfferingOfTheSharesPolicyTextBlock" xlink:to="slv_OfferingOfTheSharesPolicyTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:label="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:type="locator"/>

<link:label xlink:label="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod </link:label>

<link:label xlink:label="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Shares redeemed (in shares) </link:label>

<link:label xlink:label="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> Number of stock classified as temporary equity surrendered during the reporting period. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" xlink:type="locator"/>

<link:label xlink:label="us-gaap_OperatingIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net investment loss </link:label>

<link:label xlink:label="us-gaap_OperatingIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net investment loss </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="locator"/>

<link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_NetCashProvidedByUsedInOperatingActivities </link:label>

<link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US"> Net cash provided by operating activities </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:type="arc"/>

<link:loc xlink:href="slv-20201231.xsd#slv_NetAssetsPercentageOfNetAssets" xlink:label="slv_NetAssetsPercentageOfNetAssets" xlink:type="locator"/>

<link:label xlink:label="slv_NetAssetsPercentageOfNetAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net assets, percentage of net asset value </link:label>

<link:label xlink:label="slv_NetAssetsPercentageOfNetAssets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US"> The percentage of net assets of net assets. </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetAssetsPercentageOfNetAssets" xlink:to="slv_NetAssetsPercentageOfNetAssets-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Commitments and Contingencies Disclosure [Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_StockIssuedDuringPeriodSharesNewIssues </link:label>

<link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Shares issued (in shares) </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock" xlink:type="locator"/>

<link:label xlink:label="us-gaap_InvestmentPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Investment, Policy [Policy Text Block] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease" xlink:label="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease" xlink:type="locator"/>

<link:label xlink:label="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net increase (decrease) in net assets from capital share transactions </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease" xlink:to="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:type="locator"/>

<link:label xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Contributions for Shares issued </link:label>

<link:label xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Shares issued </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Change in operating assets and liabilities: </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureTextBlockAbstract" xlink:label="us-gaap_DisclosureTextBlockAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> us-gaap_DisclosureTextBlockAbstract </link:label>

<link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Notes to Financial Statements </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureTextBlockAbstract" xlink:to="us-gaap_DisclosureTextBlockAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:type="locator"/>

<link:label xlink:label="us-gaap_StatementClassOfStockAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Class of Stock [Axis] </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" xlink:type="locator"/>

<link:label xlink:label="us-gaap_CostsAndExpensesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Expenses </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract-label" xlink:type="arc"/>

<link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrealizedGainLossOnInvestments" xlink:label="us-gaap_UnrealizedGainLossOnInvestments" xlink:type="locator"/>

<link:label xlink:label="us-gaap_UnrealizedGainLossOnInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US"> Net change in unrealized appreciation/depreciation </link:label>

<link:label xlink:label="us-gaap_UnrealizedGainLossOnInvestments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US"> Net change in unrealized appreciation/depreciation, fair value </link:label>

<link:label xlink:label="us-gaap_UnrealizedGainLossOnInvestments-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US"> Net change in unrealized appreciation/depreciation </link:label>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments-label" xlink:type="arc"/>

</link:labelLink>

</link:linkbase>

4 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/01/20  iShares Silver Trust              S-3ASR      7/01/20    5:743K                                   RDG Filings/FA
 2/27/20  iShares Silver Trust              10-K       12/31/19   44:2.7M                                   RDG Filings/FA
12/22/16  iShares Silver Trust              8-K:1,3,9  12/22/16    4:741K                                   RDG Filings/FA
12/30/08  iShares Silver Trust              S-3ASR     12/30/08    8:1M                                     Donnelley … Solutions/FA

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