This should take around 8 hours for the roundtrip to Jubilee Hut or 2-day loop. With beautiful views, two backcountry huts (with water, bathrooms, mattresses) and easily accessible from Dunedin.
The trailhead is somewhat obscured on the side of the Mountain Track Rd - there is a sign that reads Silver Peaks Track. The rest of the trail is very well marked with orange posts and triangles.
The trail starts with a gradual incline for 1.5 hours or so until you reach the top of a ridge line. From here you continue downhill for a short while until you reach what is termed "The Devil's Stair Case". This is a short but extremely steep downhill portion of the hike. In winter, when there is snow on the ground, this section requires extreme caution. Once down the staircase you will find yourself on the valley floor, where you will continue for a bit until finding a junction that points you in the direction of Jubilee Hut (250 m/820 ft or so up hill).
You can spend the night at this hut, or continue hiking to either the ABC Caves or Philip J Cox Memorial Hut. The 3 km (1.8 mi) walk to ABC Caves has a steady uphill incline. From the caves, it is another 7 km (4.3 mi) to the Philip J Cox Memorial Hut. The trail continues up and down along the ridge line until you reach the hut.
After the hut there is an immediate steep downhill followed by a steep uphill. At the end of the hill you will reach the Mountain Track Rd. Follow the road for 6 km (3.7 mi) until you reach the starting point.