NEW YORK, January 2, 2026, 13:42 ET — Regular session
- iShares Silver Trust (SLV) rose about 0.8% in afternoon trade; Sprott Physical Silver Trust (PSLV) gained about 1%.
- Spot silver was higher on the first U.S. trading session of 2026, with investors focused on rate-cut timing and geopolitical risks.
- Major U.S.-listed silver miners fell sharply even as the metal steadied.
Shares of the iShares Silver Trust (SLV) rose 0.8% to $64.96 by 1:31 p.m. ET, while the Sprott Physical Silver Trust (PSLV) gained 1.0% to $23.88.
The moves put “silver price today” back in focus as investors reopened positions after a volatile finish to 2025 and an outsized run in precious metals.
It matters because silver sits at the intersection of safe-haven demand and industrial consumption. That mix can amplify swings when markets are repricing U.S. interest-rate expectations.
Physically backed ETFs such as SLV and PSLV tend to track bullion closely because they hold silver bars, while mining shares can diverge on equity-market risk and company costs.
Spot silver — the cash price for immediate delivery — rose 1.8% to $72.51 an ounce by midday after touching a record $83.62 earlier this week, Reuters reported. “We are continuing to see the market talk about cuts in March,” TD Securities strategist Bart Melek said. 1
In plain terms, lower interest rates are supportive because bullion is “non-yielding” — it does not pay interest — so falling yields reduce the penalty investors face for holding metal instead of cash or bonds.
SLV’s sponsor says the trust seeks to reflect “generally” the performance of the price of silver, before expenses, a structure that typically keeps the ETF’s daily direction aligned with bullion markets. 2
Silver-linked miners moved the other way. Pan American Silver fell 3.8%, Hecla Mining slid 5.3% and First Majestic Silver dropped 6.4% in afternoon trade.
Mining stocks often swing more than the metal because profit margins can widen or narrow quickly with energy, labor and currency costs. Their shares also trade with broader equity sentiment, which can overwhelm commodity tailwinds in the short run.
Before the next wave of positioning, traders are watching the U.S. nonfarm payrolls report on Jan. 9 at 8:30 a.m. ET, a release that can shift rate-cut pricing by moving bond yields and the dollar. 3
The Federal Reserve’s next policy meeting is scheduled for Jan. 27-28, according to the central bank’s calendar. Any change in messaging around how soon cuts start could ripple quickly through precious metals. 4
For company-focused investors, the next catalysts are earnings and guidance. Pan American Silver lists its fourth-quarter and year-end results for Feb. 18, followed by a conference call on Feb. 19. 5
Silver remains below its recent record, leaving the market sensitive to both profit-taking and fresh macro signals. A sharp move in yields or the dollar is likely to keep “silver stock” proxies such as SLV volatile into next week.
