NEW YORK, December 29, 2025, 05:42 ET
Key points
- Spot silver pulled back after hitting an all-time high of $83.62 an ounce, Reuters reported. [1]
- U.S.-listed silver funds SLV and PSLV were down about 4% in premarket trading, market data showed. [2]
- Investors are watching Federal Reserve minutes due Tuesday and geopolitical headlines for the next catalyst, Reuters reported. [3]
U.S.-listed silver funds slid in premarket trading on Monday as spot silver pulled back from an all-time high above $83 an ounce. Market data showed iShares Silver Trust (SLV) down 4.6% at $67.85 and Sprott Physical Silver Trust (PSLV) down about 4% at $24.96. [4]
The pullback matters because silver has been one of the standout trades of 2025, pushing investors toward exchange-traded products that track the metal without requiring storage of bars and coins. The late-year surge has also left the market vulnerable to sharp swings into year-end. [5]
Markets are now focused on Tuesday’s release of minutes from the Federal Reserve’s December meeting for clues on the 2026 rate path. Rate-cut expectations matter for silver because precious metals do not pay interest and often benefit when yields fall. [6]
Spot silver was down 4.8% at $75.32 an ounce by 5:17 a.m. ET, after touching $83.62 earlier in the session, Reuters reported. [7]
“But the late-year, near-vertical surge, especially in silver, also raises the risk of higher volatility,” said Charu Chanana, chief investment strategist at Saxo. [8]
Another major silver vehicle, abrdn Physical Silver Shares ETF (SIVR), was indicated down about 3.9% at $71.72 in premarket trading, Investing.com data showed. [9]
The weekend reversal follows a strong prior session for silver-linked funds. SLV closed at $71.12 on Dec. 26, up about 9%, while PSLV ended at $26.04, up 8.7%, according to market data. [10]
Exchange-traded funds, or ETFs, trade on stock exchanges like shares in public companies. Reuters said physically backed silver ETFs store metal in vaults, and new shares can be created when demand pushes prices above the value of the underlying silver. [11]
SLV, which seeks to track the price performance of silver bullion, is the largest silver ETF and is run by BlackRock, Reuters said. It holds around 529 million ounces of silver worth about $39 billion at current prices, Reuters reported. [12]
PSLV is structured as a closed-end trust that holds fully allocated silver bullion, and unitholders can redeem for physical metal on a monthly basis subject to minimum requirements, Sprott says. Closed-end funds can trade at a premium or discount to net asset value, or NAV — the value of the underlying silver per share. [13]
Silver has gained 181% year-to-date, outpacing gold’s 72% rise, Reuters reported, with the rally supported by supply shortages and stronger industrial and investor demand. Reuters also cited silver’s recent designation as a U.S. critical mineral among factors behind the move. [14]
Reuters reported that the metal’s retreat on Monday came as investors booked profits and weighed signs of easing geopolitical risk after comments from U.S. President Donald Trump about progress in Ukraine peace talks. [15]
With regular U.S. trading hours still ahead, investors are bracing for another volatile session, with Fed signals and geopolitical headlines likely to set the tone for silver and the funds that track it. [16]
References
1. www.reuters.com, 2. www.investing.com, 3. www.reuters.com, 4. www.investing.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.investing.com, 10. www.investing.com, 11. www.investing.com, 12. www.investing.com, 13. sprott.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com
