NEW YORK, Jan 7, 2026, 10:21 (EST) — Regular session
- SLV fell about 4.7% in morning trade as spot silver pulled back
- Silver miners including First Majestic and Pan American slid 7%–9%
- Traders are focused on U.S. payrolls and inflation data for the next cue on rates
Shares of iShares Silver Trust (SLV), a widely traded silver price stock proxy, fell 4.7% to $70.21 in morning New York trade on Wednesday. Silver miners also slid, with First Majestic Silver down 8.9%, Pan American Silver off 7.1% and Coeur Mining down 7.5%.
The retreat matters because the silver trade has turned fast. After a sharp run that pulled fresh money into metal-linked shares, even small shifts in the dollar and rate outlook have been producing big moves.
It also lands in a busy stretch for U.S. data, when investors are trying to pin down how quickly the Federal Reserve might cut rates. Metals do not pay interest, so lower yields tend to help them, and higher yields can do the opposite.
Spot silver fell 2.5% to $79.26 an ounce earlier, Reuters data showed, easing from an all-time high of $83.62 set on Dec. 29. “Some investors are taking profit after the significant rally,” said Carlo Alberto De Casa, an external analyst at Swissquote, as the dollar hovered near a more-than-two-week high. 1
The selling followed a hard rally on Tuesday, when silver climbed 5.4% as investors bought safe havens after the United States captured Venezuela’s President Nicolas Maduro, and as rate-cut bets stayed in play. “Precious metals traders see more risk on the horizon than stock and bond traders do,” Jim Wyckoff, a senior analyst at Kitco Metals, said. 2
Later on Wednesday, traders parsed a softer private-payrolls reading from ADP. “Jobs were gained in December, but at a relatively slow pace,” said Carl Weinberg, chief economist at High Frequency Economics, after ADP reported private payrolls rose by 41,000, below economists’ forecasts. 3
SLV is backed by physical silver held in vaults and is designed to track the metal’s price, though its share value can also be affected by costs and trading premiums. iShares data showed the trust held about 16,118 tonnes of silver as of Jan. 6, with 571.6 million shares outstanding. 4
But the downside risk is straightforward: a stronger-than-expected jobs report could lift Treasury yields and the dollar, cooling rate-cut bets and pressing on silver again. With volatility already high, that kind of shift can hit miners harder than the metal.
Next up is the U.S. Employment Situation report for December 2025 on Friday, Jan. 9, at 8:30 a.m. ET, followed by the Consumer Price Index for December 2025 on Tuesday, Jan. 13, also at 8:30 a.m. ET. 5
