New York, January 5, 2026, 09:56 EST — Regular session
- iShares Silver Trust (SLV) rose about 4.7% in early trade as spot silver jumped on safe-haven demand.
- Precious metals rallied after the U.S. capture of Venezuelan President Nicolas Maduro, Reuters reported.
- Investors are watching Friday’s U.S. non-farm payrolls report for fresh clues on Federal Reserve rate-cut expectations.
Shares of iShares Silver Trust, a silver-backed exchange-traded fund that trades like a stock, jumped 4.7% to $68.81 in early New York dealing. The fund’s intraday range ran from $67.61 to $69.68.
The move mattered because it put silver back in the driver’s seat after a choppy end to 2025, with geopolitical risk quickly bleeding into assets investors treat as refuges. “Safe-haven” buying is demand for assets traders use as shelter when headlines turn hostile. Reuters
It also landed as traders reset interest-rate bets for the new year. Precious metals do not pay interest, so expectations for lower rates can make them more attractive compared with cash or bonds.
Spot silver rose 3.6% to $75.25 an ounce, Reuters reported, after a weekend jolt from Washington’s move against Venezuela. The same report said the White House signaled it could escalate further if Caracas does not cooperate.
“This has increased demand for the safe-haven precious metal,” said Zain Vawda, an analyst at MarketPulse by OANDA, referring to the U.S.-Venezuela escalation. He said the episode added to uncertainties markets were already weighing. Reuters
Silver-linked equities moved in tandem. Global X Silver Miners ETF (SIL) rose 3.7%, while Pan American Silver gained about 2.9% and First Majestic Silver climbed about 5.3% in early trade.
Silver’s run-up has been steep. Reuters reported the metal gained 147% in 2025, helped by persistent supply deficits and a lift in both investor and industrial demand.
Some of that narrative traces back to Washington’s “critical minerals” list — a government roster of materials deemed important for economic and national security, which can shape policy focus. The U.S. Geological Survey’s final 2025 list added silver among new inclusions. USGS
Technically, traders are still watching whether silver can close the gap to its Dec. 29 record of $83.62 an ounce, cited by Reuters, after Monday’s bounce. A retest would keep momentum traders active, while a stall could pull attention back to the rate story.
But the rally cuts both ways. If the Venezuela risk premium fades quickly — or if U.S. data pushes Treasury yields and the dollar higher — silver and silver-linked funds can give back gains fast after a year of outsized moves.
Next up is Friday’s December non-farm payrolls report — the closely watched U.S. jobs release — which traders use to refine bets on how soon and how far the Fed can cut rates in 2026.
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