NEW YORK, December 30, 2025, 13:30 ET — Regular session
Silver prices rebounded on Tuesday after a sharp pullback from record highs, pushing the iShares Silver Trust (SLV) up about 6.9% in New York trade. Spot silver was up 4.7% at $76.38 an ounce at 11:29 a.m. ET, a day after touching an all-time high of $83.62 and suffering its biggest one-day drop since August 2020. Analysts at Societe Generale pointed to CME Group’s move on Friday to raise the initial margin requirement for silver futures — the cash traders must post to hold positions — as a factor behind the volatility after silver’s 161% surge this year.
The whiplash matters because silver has become a pressure valve for year-end positioning, where profit-taking and risk limits can overwhelm day-to-day fundamentals. Thin liquidity into the final sessions of the year can magnify price gaps in both directions.
Markets were also bracing for Federal Reserve minutes due later in the session, with the dollar firming and Treasury yields edging higher. The dollar index was up 0.24% and the benchmark 10-year yield was around 4.13%, while spot gold rose 0.67% to $4,360.79 an ounce.
On Monday, spot silver slid 9.5% to $71.66 an ounce by 1:51 p.m. ET after hitting the $83.62 record earlier in the session, as investors booked profits after recent rallies. “The underlying fundamentals of supply constraints remain factors in the market,” said David Meger, director of metals trading at High Ridge Futures. Reuters
Margin changes matter because they hit leveraged traders first. When required collateral rises, investors either add cash fast or reduce exposure, which can turn a routine pullback into a forced liquidation.
Silver also trades on two narratives at once. It can behave like a haven when geopolitical risk rises, and like an industrial metal when investors focus on growth.
That mix helps explain why silver can outperform gold in rallies and then correct harder. Even after Tuesday’s bounce, the metal remained well below Monday’s peak.
Silver mining shares tracked the metal higher. First Majestic Silver (AG) rose about 3.3%, Pan American Silver (PAAS) gained 2.1% and Coeur Mining (CDE) climbed 1.3% in early afternoon trading.
SLV remains a key conduit for stock-market investors who want silver exposure without trading futures. Its jump on Tuesday underscored how quickly positioning can reset when prices swing.
Silver does not pay interest, so it tends to benefit when investors expect lower borrowing costs and softer real yields. A stronger dollar can offset that by pressuring commodities priced in greenbacks.
Traders will watch whether the Fed minutes reinforce expectations for policy easing in 2026 and how markets translate that into the dollar and yields. Any further changes to exchange margin requirements would also stay in focus after this week’s volatility.
For pricing, investors are watching whether silver can regain the $80 handle and hold above the mid-$70s without another sharp liquidation. Monday’s surge and reversal has made recent highs and lows reference points for short-term positioning.
