NEW YORK, December 29, 2025, 10:29 ET — Regular session
- SLV fell about 8% in morning trade as silver pulled back sharply from a fresh record above $80 an ounce. 1
- Investors took profits and safe-haven demand eased after U.S. President Donald Trump pointed to progress in Ukraine talks; Fed minutes are due Tuesday. 2
- CME raised initial margin on COMEX silver futures to $25,000 from $22,000, a clearing notice showed. 3
Shares of the iShares Silver Trust (SLV) slid 8.2% to $65.26 in early New York trading on Monday, mirroring a sharp drop in silver after a blowout rally to record highs. 1
The reversal matters because silver’s late-year surge has turned volatile, and traders are testing how much of the run-up was driven by momentum and crowded positioning ahead of year-end. 4
Markets also have fresh macro and geopolitical catalysts on deck, with Federal Reserve minutes due Tuesday and headlines around Ukraine talks feeding moves in so-called safe havens — assets bought for perceived protection in periods of uncertainty. 2
Spot silver was down 5.1% at $75.15 an ounce earlier on Monday after touching a record $83.62, Reuters reported. 2
COMEX silver futures were down about 7% at roughly $71.76 per ounce, according to Investing.com data. 5
The pullback spilled across precious metals. Spot gold fell 1.7% to $4,455.35 an ounce, while platinum and palladium posted steeper declines after hitting records, Reuters said. 2
“Near-term, the risk is technical and positioning-led,” said Charu Chanana, chief investment strategist at Saxo. 4
Traders are watching Tuesday’s Fed minutes for clues on the path of U.S. rates, after the central bank cut its benchmark rate to 3.5%-3.75% this month and markets priced two further quarter-point cuts by September, Reuters reported. Lower rates tend to support “non-yielding” metals because bullion pays no interest. 4
SLV is one of the main U.S.-listed vehicles investors use to track silver prices. Exchange-traded funds, or ETFs, trade like stocks but hold assets on investors’ behalf; in silver ETFs, shares are backed by metal stored in vaults. 6
The iShares Silver Trust, run by BlackRock, is the largest silver ETF and holds about 529 million ounces of silver worth roughly $39 billion at current prices, Reuters reported. 6
Leverage is also in focus. CME raised the initial margin — the cash collateral traders must post to hold a futures position — for COMEX 5,000-ounce silver futures to $25,000 from $22,000 for non-HRP positions, a Dec. 26 clearing notice showed. 3
Some strategists have also flagged mechanical year-end flows as a swing factor, including commodity index rebalancing that can force passive funds to sell outsized winners, Barron’s reported. 7
Silver-linked equities moved with the metal. Shares of several U.S.-listed silver miners fell in early trade, with Coeur Mining, Hecla Mining, First Majestic Silver and Pan American Silver all lower, according to a GuruFocus report. 8
Traders next will be watching the Fed minutes on Tuesday, any shift in Ukraine-related headlines, and whether silver holds above the mid-$70s level after failing to sustain the break above $80. Silver is still up about 181% in 2025, Reuters reported, leaving markets braced for more two-way swings as liquidity thins into the year-end. 2
