NEW YORK, Jan 11, 2026, 12:19 ET — Market closed.
- SLV closed last Friday, gaining 3.8% as spot silver neared $80 an ounce.
- Traders are focusing on U.S. CPI data due Jan. 13 and the commodity index rebalancing flows set for mid-month.
- Silver miners surged ahead of the metal toward the week’s end, though volatility risk stays elevated.
The iShares Silver Trust (SLV), a favored silver price proxy traded like a stock, closed Friday up 3.83% at $72.38 ahead of the weekend. Its trading range spanned $70.87 to $72.99, with volume hitting roughly 90.65 million shares. 1
Spot silver hit $79.56 an ounce on Friday, eyeing nearly a 9.7% gain for the week, Reuters reported. The jump came after U.S. job growth missed expectations, fueling bets on several Federal Reserve rate cuts this year. Bart Melek, TD Securities’ global head of commodity strategy, said, “Payrolls are showing us a poor job creation environment,” a scenario often supportive for precious metals. Traders are also bracing for a U.S. Supreme Court decision on tariffs due Jan. 14. 2
Heading into Monday, the scene is set: solid momentum clashes with a market prone to sharp gaps on macro headlines. Silver swings wildly—sometimes acting like a rates play, other times a geopolitical safe haven.
Another factor, less visible outside commodities circles, is the annual index rebalancing. According to the Financial Times, which cites JPMorgan data, funds tracking commodity benchmarks will likely sell around $6.1 billion worth of silver between Jan. 8 and 15. Nicky Shiels, an analyst at MKS PAMP, called it “the industry’s first big test of how sustainable the December moves are,” as passive investors adjust holdings back to target weights. 3
SLV is a physical silver trust designed to follow the LBMA Silver Price. As of Jan. 9, it held roughly 524.33 million ounces, with net assets around $40.97 billion, according to fund data. On Friday, it closed at a 2.16% premium to its net asset value, indicating that demand for shares outpaced the metal itself. 4
Silver-linked stocks outpaced the metal late last week. First Majestic Silver jumped roughly 5.6% on Friday, Hecla Mining climbed about 6.8%, Pan American Silver edged up around 2.2%, and the Global X Silver Miners ETF (SIL) gained close to 2.5%, based on market data.
The upcoming macro checkpoint arrives soon: the U.S. consumer price index for December is set for release on Jan. 13 at 8:30 a.m. ET, per the Labor Department’s schedule. 5
A stronger inflation print might push real yields and the dollar higher, typically weighing on non-yielding metals like silver. Conversely, a weaker figure would probably sustain the rate-cut narrative and keep silver prices buoyant.
Traders are keeping an eye on silver as the final rebalancing sessions unfold. Large, rules-driven flows tend to overshadow daily fundamentals briefly—especially during periods of thin liquidity or heavy positioning.
Silver, however, often sees sharp reversals. On the downside, it’s a clear story: a stronger dollar, profit-taking after a quick rally this week, or bigger-than-expected selling by indexes could drag SLV back down to last week’s lows.
Silver’s dual role is key. It moves both as a safe-haven metal and an industrial commodity, so changes in risk appetite or growth forecasts can swiftly impact its price.
Investors will zero in on Tuesday’s CPI report for a clear signal, while commodity index rebalancing continues through mid-month, shaping price moves ahead.
