This gene acts upon black pigment and leaves red pigment unchanged (like Bay). 
Or in other words Black and Bay horses will be physically changed by this gene but Chestnut horses will not. Chestnut based horses do not have black areas so the Silver gene has no effect on them. This allows the gene to be carried with no physical evidence.

• A dominant gene in that even if it is not very prominent it betrays it existence on horses with black pigment or points. 

• The silver gene comes in a huge range of shades, from almost white to steel grey to dark chocolate with white mane and tail.

• Silver horses can change considerably in colour from birth to maturity, silver coats look very different in Summer or Winter and change dramatically when clipped.

• Although dappling may not show up until the horse is older it's not uncommon for a foal to have dappling. Some silver horses never have dapples. 
   

While it is not uncommon for silver carriers to have striped hooves to some degree, they do not HAVE to have striped hooves if they carry silver.  The following are examples of 3 different silver horse's hooves:

Silver black stallion	Silver black filly	Silver bay mare

Striped hooves however are not a definite sign of silver, as other colours also exhibit parti-coloured hooves, such as those shown below. 
(these examples do not carry dilute genes)

2 x Appaloosa hooves		Bay Pinto Hoof

Its not always easy to spot silver at birth.
Silver bays can look like bays or even chestnuts depending on leg shading and mane colour.  Look at the example pages below to see how different colours can display from birth to maturity...

Examples:

Silver Black ~ Silver Bay ~ Silver Chestnut

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