NEW YORK, Jan 13, 2026, 10:07 ET — Regular session
- SLV jumped over 4% in early New York trading, with silver hovering close to record levels.
- CME announced it will switch precious-metals margin calculations to a percentage of notional value following Tuesday’s close.
- December’s U.S. inflation figures bolstered bets that the Fed will keep rates unchanged this month.
The iShares Silver Trust (SLV) jumped 4.4% to $80.59 Tuesday morning, riding a fresh surge in silver prices.
Spot silver climbed 2.3% to $86.94 an ounce earlier, briefly touching a new high of $87.16. The metal’s sharp rally has traders fixated on volatility just as much as its direction. 1
Volatility is shaking up trade mechanics. On Jan. 12, CME Clearing announced it will shift margins for gold, silver, platinum, and palladium from fixed dollar amounts to a percentage of notional value. These changes take effect after Tuesday’s close. (Margins refer to the cash traders put down as collateral for futures positions.)
The metals rally is hitting resistance from the rate story again. U.S. consumer prices climbed 0.3% in December and were up 2.7% year-over-year, with core inflation rising 0.2% monthly and 2.6% annually, Reuters reported. This data “cemented expectations” that the Federal Reserve will hold rates steady later this month. 2
Silver has acted both as a risk gauge and a hedge recently. Safe-haven buying surged this week after the Trump administration stepped up pressure on Fed Chair Jerome Powell. A fund manager at Jupiter Asset Management noted that “when silver captures flow, it really runs.” 3
Tracking flows into the largest U.S. silver-backed product is straightforward. As of Jan. 12, the iShares Silver Trust held 16,347.95 tonnes of silver and had 579.75 million shares outstanding, according to iShares. 4
Silver miners tracked the metal’s rise. Pan American Silver climbed 2.3%, First Majestic picked up roughly 2.0%, and Hecla Mining added 2.1% in early trading.
The risk here is that the leverage which fueled the rally could flip into selling pressure. Rising margin calls might push some traders to dump positions fast, while a more hawkish Fed tone would dull interest in non-yielding metals if bets on rate cuts diminish.
Traders are focused on futures action heading into the CME margin switch after Tuesday’s close. The next major event is the Fed’s Jan. 27–28 meeting, where rates are widely expected to hold steady between 3.50% and 3.75%.
