New York, January 14, 2026, 10:05 EST — Regular session
- Silver-linked ETFs climbed during U.S. trading, with the metal hitting new record highs.
- Expectations for rate cuts are driving most of the action, while geopolitical tensions continue to play a role.
- Traders brace for the next data shock that might either extend or break the rally.
Shares of the iShares Silver Trust (SLV) jumped roughly 5% to $82.56 in early trade, following spot silver’s 5.7% surge to $91.87 an ounce, after hitting a new high of $92.23. “All roads are leading to gold and silver,” said Alex Ebkarian, chief operating officer at Allegiance Gold. 1
The surge stands out as silver shifts from a sleepy industrial metal to a macro play, with investors fixated on the key $90 mark. Cooler U.S. inflation and dwindling supplies have buyers stepping up, while geopolitical risks and new investment flows add fuel to the rally. 2
The shift was clear in the “silver price” trade. The abrdn Physical Silver Shares ETF (SIVR) climbed roughly 5%. Silver miners followed suit: First Majestic gained around 1.8%, Pan American Silver edged up about 0.5%, and Wheaton Precious Metals increased close to 0.5%.
The same backdrop driving gold—and now silver—for two sessions straight remains: inflation easing slightly and a market hoping the Federal Reserve will ease up. U.S. core CPI, which strips out food and energy, rose 0.2% month-on-month and 2.6% year-on-year in December, missing expectations, Reuters reported. “The benign CPI data … portends a higher likelihood of Fed rate cuts in the future,” said David Meger, director of metals trading at High Ridge Futures. Still, another trader cautioned silver investors to expect sharp swings in what’s shaping up to be a “high-volatility” environment. 3
U.S. producer prices edged up 0.2% in November, matching expectations, the Labor Department’s Bureau of Labor Statistics reported Wednesday. The Producer Price Index, which tracks inflation at the factory gate, showed no sign of easing. The report also highlighted rising gasoline prices and suggested companies are offsetting some tariff hikes by squeezing trade margins. 4
Policy risk remains a factor, supporting precious metals despite mixed data. Reuters highlighted how policy uncertainty and geopolitical tensions have fueled what one strategist dubbed an “incredible metal rally.” Silver surged to $92, soaring roughly 29% in the first nine trading days of 2026. 5
Silver isn’t a guaranteed winner. Should U.S. data hold strong and bond yields climb, the dollar could quickly tighten financial conditions, weighing on metals that don’t offer interest. A shift in headline risk or some profit-taking following record highs might flip a steep rally into a sudden drop.
The Fed’s January 27–28 policy meeting is the next major test. Traders are focused on whether officials will confirm easing bets or push back against them. 6
