NEW YORK, December 31, 2025, 5:30 PM ET — After-hours
- Spot silver slid about 7% to around $71 an ounce, extending sharp year-end swings. 1
- The iShares Silver Trust (SLV) fell about 6.6%, with U.S.-listed silver miners also lower.
- CME Group raised margin requirements for metal futures, increasing the cash traders must post to hold positions. 2
Spot silver fell sharply on Wednesday and the main silver-linked U.S. ETF slid, as traders booked profits into year-end and braced for higher collateral requirements in futures markets. 1
The timing matters. Silver has been one of 2025’s standout trades, and leverage has piled into the rally as liquidity thins around holidays and portfolio managers close their books. That can turn routine selling into outsized moves. 3
The latest drop also tests how much of the year’s run-up was driven by fundamentals versus momentum. Silver’s blend of safe-haven and industrial demand can make it more volatile than gold when positioning flips. 3
Spot silver was last down 6.9% at $71.01 an ounce, after trading between $70.06 and $76.44 during the session, according to Investing.com data. 1
In after-hours U.S. trading, iShares Silver Trust was down 6.6% at $64.42. Hecla Mining, Pan American Silver and First Majestic Silver were each down around 1.5% to 1.7%.
CME Group said in a notice that it approved new “performance bond” requirements for metal products, effective after the close of business on Dec. 31. Performance bond is the margin — cash collateral traders must post to hold futures positions. 2
Bloomberg reported the exchange raised margin requirements for precious-metal futures for the second time in a week after sharp price swings, with the latest changes taking effect after Wednesday’s close. 4
The move follows a rebound on Tuesday. Reuters reported spot silver rose 5.4% to $76.20 after what it described as a steep selloff driven largely by year-end profit-taking. 5
Even with this week’s swings, silver is still closing out a blockbuster year. Reuters reported silver gained 161% in 2025 and broke $80 per ounce for the first time, supported by supply constraints, low inventories and its designation as a critical U.S. mineral. 3
“Demand for metals is looking solid from both an industrial and retail perspective,” said Tim Waterer, chief market analyst at KCM Trade. 3
Analysts are now watching whether higher margins cool speculative demand, or simply reset positioning before the next leg. Waterer said the “key fundamental drivers” tied to investor positioning ahead of expected lower U.S. rates in 2026 remain intact. 3
With U.S. stock markets closed on Thursday for New Year’s Day and trading set to resume on Jan. 2, investors will watch whether silver can hold near $70 as liquidity returns. 6
On the macro calendar, the next major test for rate expectations comes with the U.S. employment report: the Bureau of Labor Statistics schedule shows the Employment Situation for December 2025 due on Friday, Jan. 9, at 8:30 a.m. ET. The Federal Reserve’s calendar lists its next policy meeting for Jan. 27–28. 7
