NEW YORK, January 1, 2026, 12:49 ET — Market closed
- Spot silver was $72.29 an ounce, down $4.35, or 6.02%, on the day. JM Bullion
- iShares Silver Trust (SLV) closed on Wednesday down 6.61% at $64.42, tracking the metal’s pullback. StockAnalysis
- Traders are parsing CME’s higher metals margin requirements and China’s new list of approved silver exporters. CME Group+1
Spot silver fell sharply on Thursday, with prices at $72.29 an ounce as of 12:41 p.m. ET, down 6.02% on the day, according to JM Bullion data. U.S. stock markets were shut for the New Year’s Day holiday. JM Bullion+1
The move matters because silver’s late-December surge pulled in leveraged money, leaving prices vulnerable to forced selling when exchanges lift collateral requirements. China’s tighter export controls have also put the supply side back in focus just as 2026 trading gets underway. CME Group+1
Silver straddles two worlds: investors trade it like a precious metal, but manufacturers consume it in solar panels, electronics and other industrial uses. That mix can amplify volatility when rate expectations or policy headlines change. Reuters+1
Most major markets were closed for the New Year holiday, a backdrop that can thin liquidity and widen intraday swings. Reuters said it will resume its regular precious-metals coverage on Friday, Jan. 2. Reuters
The pullback follows a year of outsized gains. Silver gained 161% in 2025 and broke $80 per ounce for the first time during the rally, Reuters reported. Reuters
CME Group said revised metals performance bond requirements — the “margin” cash traders must post to hold futures positions — would take effect after the close of business on Dec. 31. Higher margins typically force leveraged players to add cash or reduce exposure. CME Group
“We saw extreme volatility yesterday, but things have stabilised somewhat today,” Peter Grant, vice president and senior metals strategist at Zaner Metals, said in a Reuters report this week. Reuters
Traders have also been recalibrating interest-rate expectations after the Federal Reserve’s December meeting minutes showed deep divisions, Reuters reported. Rate moves matter for silver because the metal pays no yield; falling rates can make holding bullion more attractive relative to cash and bonds. Reuters
On the supply side, China’s Ministry of Commerce said 44 companies will be allowed to export silver during 2026 and 2027, two more than in 2025. Beijing has cited national security as it has imposed restrictions across a range of critical minerals. Reuters
In the last U.S. session before the holiday, SLV fell 6.61% to $64.42. Shares of silver miners also slid, with Pan American Silver down about 1.7%, First Majestic Silver off about 1.5% and Hecla Mining down about 1.5%, according to market data. StockAnalysis
Hecla disclosed in an SEC filing that Senior Vice President and Chief Administrative Officer Michael L. Clary ceased serving in that role effective Dec. 31, and that his employment will terminate effective Jan. 1 as he transitions to a consulting role. SEC
Before the next session, investors will watch whether spot silver holds the $70-per-ounce area after the week’s whipsaw. A sustained break below that psychological level would keep short-term momentum traders on the defensive, while a bounce back toward the mid-$70s would signal margin-driven selling is easing.
The next macro catalysts are close on the calendar: the U.S. December jobs report is scheduled for Friday, Jan. 9, followed by the December CPI report on Tuesday, Jan. 13. The Fed’s next policy meeting runs Jan. 27–28, and any shift in rate-cut expectations or the dollar’s direction could quickly spill over into silver and silver-linked stocks. Bureau of Labor Statistics+2Bureau of Labor Statistics+2
Analysts still see underlying support from industrial demand and expectations of lower U.S. rates in 2026, even as speculative positioning resets after the late-December spike, Reuters reported. Reuters
