NEW YORK, December 30, 2025, 03:07 ET — Market closed.
Units of Sprott Physical Silver Trust (PSLV) ended down 6.8% at $24.27 in the latest session, tracking a sharp pullback in silver after its recent run to records.
PSLV is a closed-end trust that holds physical silver bars. Its net asset value (NAV) — the per-unit value of the silver it holds — was $24.76 as of Dec. 29, while units closed at $24.27, putting the fund at a 1.97% discount, Sprott data showed. 1
That discount matters because it can widen in fast markets, amplifying moves versus the metal itself. The past few sessions have tested how quickly silver-linked products can reprice when volatility spikes and liquidity thins.
Spot silver was up 3.1% at $74.49 an ounce early Tuesday after a bruising Monday that saw it touch an all-time high of $83.62, Reuters reported. “I’m expecting the longer-term rally to continue for both gold and silver,” said Kelvin Wong, a senior market analyst at OANDA, who put a six-month target for silver at $90.90. 2
The reversal has also been tied to tighter trading conditions in the futures market. CME Group raised margin requirements for precious metals — the cash traders must post to hold futures positions — a change that can force leveraged investors to cut risk, the Associated Press reported. 3
For PSLV, the setup is straightforward: when the silver market swings, the trust’s unit price usually follows, but not always one-for-one. Closed-end structures can drift away from NAV when investors rush in or pull out.
Peers that hold or track silver, such as iShares Silver Trust (SLV) and abrdn Physical Silver Shares ETF (SIVR), also moved sharply with the metal as the selloff rippled through exchange-traded products.
The macro backdrop has stayed supportive for precious metals this year, even as price action turned choppy. The dollar has been steady into year-end but is down 9.6% for 2025, its steepest annual fall in eight years, Reuters reported. 4
Metals traders typically watch U.S. interest rates alongside the dollar because silver does not pay interest. When investors expect lower rates, the opportunity cost of holding bullion tends to fall.
Before the next session, investors will focus on the Federal Reserve’s minutes from its Dec. 9–10 meeting, due at 2:00 p.m. ET, according to the Fed’s calendar. 5
