NEW YORK, December 31, 2025, 13:35 ET — Regular session
- iShares Silver Trust (SLV) fell about 6% in U.S. afternoon trading as silver prices slid.
- The pullback follows record highs earlier this week and comes as futures margin requirements rose again, prompting some traders to reduce risk. 1
- Investors are watching U.S. rate-cut expectations, the dollar and Treasury yields for the next directional cue heading into 2026. 2
Shares of iShares Silver Trust (SLV), a popular proxy for the metal, fell about 6% on Wednesday, tracking a sharp drop in silver prices on the final trading day of 2025.
The move matters because silver-linked funds and miners are closing out a year of outsized gains with a burst of volatility, leaving investors sensitive to any shift in positioning.
Traders also had to contend with higher futures “margins” — the cash collateral required to hold leveraged contracts — which can force selling when the bar rises. 1
Spot silver was down 6.4% at $71.54 an ounce earlier on Wednesday, after touching a record $83.62 on Monday. Prices have slipped from recent peaks as investors locked in profits after the CME raised margins again on precious metal futures, and silver was still up more than 147% for the year. “The short-term is very choppy and there is some profit-taking but we think the prices will continue to push higher into 2026,” said Marex analyst Edward Meir. 1
Other silver vehicles echoed the slide. Aberdeen Physical Silver Shares (SIVR) and Sprott Physical Silver Trust (PSLV) were down around 6% and 5.7%, respectively, while the Global X Silver Miners ETF (SIL) fell about 1.6%.
Silver miners also eased, with Pan American Silver down about 0.9% and First Majestic Silver off about 0.4% in afternoon trading.
Macro markets offered little support. U.S. Treasury yields edged higher after data showed an unexpected dip in applications for unemployment benefits, while the dollar index rose 0.16%, moves that can weigh on dollar-priced commodities. 2
Silver’s 2025 surge has drawn support from supply constraints, low inventories and a strong mix of industrial and investor demand, after the U.S. designated silver a critical mineral. 3
A softer rate backdrop has also helped. Lower interest rates tend to favor metals that do not pay interest because they reduce the opportunity cost of holding them instead of cash or bonds. 3
For investors using “silver price stocks” such as SLV, the next test is whether the year-end shakeout cools volatility or turns into a deeper unwind in early 2026.
U.S. equity markets are open for regular hours on New Year’s Eve but will be closed Thursday for New Year’s Day, with trading set to resume on Jan. 2. 4
SLV’s structure keeps the focus squarely on the metal. BlackRock’s iShares said the trust held 16,455.42 tonnes of silver as of Dec. 30, underscoring why the ETF can move quickly when spot prices swing. 5
