New York, January 15, 2026, 17:05 EST — Trading in after-hours.
- iShares Silver Trust (SLV) dropped roughly 1.4% in after-hours, mirroring a decline in spot silver prices.
- A stronger dollar, driven by U.S. jobless claims and a calmer geopolitical outlook, put pressure on the latest rally leg.
- Attention now turns to upcoming U.S. data releases and the Federal Reserve’s policy meeting scheduled for January 27-28.
After hitting another record high, silver prices pulled back, dragging down shares of iShares Silver Trust, the ETF that holds silver and trades like a stock, in after-hours trading on Thursday.
That’s crucial since silver has morphed into a volatile macro play this January, reacting sharply to swings in the dollar and interest-rate outlooks instead of company news. Those same factors can jolt silver-related funds and miners quickly.
Silver straddles two roles: a safe-haven asset and an industrial metal powering electronics and solar panels. The two narratives don’t always sync up, and when traders bet heavily on one, the pullbacks can be abrupt.
Spot silver slipped 0.3% to $92.50 an ounce on Thursday, after hitting a record peak of $93.57. The dollar gained ground following U.S. jobless claims data and a more tempered stance from President Donald Trump on Iran. “The dollar index is at a multi-week high and that’s providing a bit of a headwind,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. 1
The report also noted that markets anticipate the Fed will keep rates steady at its January 27-28 meeting, though traders are pricing in cuts further down the line. Because precious metals don’t pay interest, they usually benefit from expectations of rate cuts — but any delay can hurt their appeal.
Silver retreated after soaring past $90 the previous day, climbing 5.2% to $91.46 and hitting a record $92.23. Investors had flooded into safe havens amid geopolitical tensions and economic uncertainty, while digesting stronger U.S. retail sales and producer price figures. “We anticipate some volatility,” said Alex Ebkarian, chief operating officer at Allegiance Gold, who projects a short-term range between $100 and $144. 2
Reuters reported Wednesday that silver had surged roughly 30% in January, buoyed by safe-haven buying and speculative interest in hard assets. Meanwhile, a U.S. government shutdown pushed the release of the Fed’s favored PCE inflation data to February 20. 3
Silver-related stocks moved unevenly Thursday evening. The abrdn Physical Silver Shares ETF (SIVR) slipped roughly 1.4%, while the Global X Silver Miners ETF (SIL) climbed around 1.6%. Among individual miners and precious metals firms, Hecla Mining jumped about 6%, Coeur Mining edged up 2.2%, First Majestic gained 2.5%, and Wheaton Precious Metals rose nearly 1.8%. Pan American Silver, however, dipped about 0.4%.
The risk for silver bulls is clear: a strong dollar combined with easing geopolitical tensions could quickly drain some of the safe-haven demand. Given silver’s recent run-up, there’s hardly any margin for weak data or a shift in expectations around rate cuts.
Traders will be watching U.S. data and Fed remarks closely, while also tracking the calendar. The January 27-28 Fed meeting looms as the next key event putting pressure on silver and SLV.
