New York, Jan 26, 2026, 13:25 EST — Regular session
- PSLV surged about 13% by midday, tracking a sharp jump in silver prices.
- Silver surged to a fresh peak, fueled by safe-haven demand and a burst of momentum buying.
- Investors are zeroing in on the Fed’s decision due January 28 and the U.S. funding deadline looming on January 30.
Sprott Physical Silver Trust jumped Monday, boosted by a strong silver rally that pulled new money into metal-backed ETFs. PSLV gained $4.35, about 13.1%, reaching $37.57 in midday trading in New York.
The shift is notable, with silver reclaiming its place as a stress barometer. Investors treat it both as a safe haven and a high-beta bet on risk and inflation. But that setup can flip quickly, especially given a packed week ahead that might shake the dollar and real yields—two key drivers for metals.
Spot silver jumped to an all-time high of $113.61 an ounce after breaching the $100 mark late last week, fueled by robust momentum and a surge in retail buying, UBS analyst Giovanni Staunovo said. He warned, though, that prices at this level could start to dampen industrial demand.
Broader market nerves pushed demand higher. Silver surged more than 4% today and has climbed over 50% since January, fueled by a softer U.S. dollar and a move toward safe-haven assets, Reuters reported.
Other silver-focused funds matched the rally. iShares Silver Trust (SLV) surged about 13%, with abrdn Physical Silver Shares ETF (SIVR) logging a similar rise.
PSLV operates as a closed-end trust secured by physical silver bars, offering investors metal exposure without the need to manage the bullion themselves. Unlike typical ETFs, closed-end funds such as this often trade at prices that don’t always match the underlying asset value.
The trust’s latest update showed a net asset value of $35.30 per unit, with holdings totaling 217.7 million ounces of silver. At that time, the fund was trading below its NAV—a sign that in volatile markets, discounts and premiums can widen unexpectedly.
Not everyone is sold on silver’s surge. Some analysts warn the rapid climb looks like a bubble and could spark profit-taking if the momentum slips.
The Federal Reserve takes center stage next. The FOMC meets January 27-28, announcing its policy decision at 2 p.m. ET Wednesday. Chair Jerome Powell is scheduled to speak 30 minutes after that.
The meeting is expected to keep rates unchanged, but mounting political tensions around the Fed are casting a shadow over the market, muddying the prospects for the dollar and safe-haven assets, Reuters reports.
Traders remain focused on Washington’s funding impasse, with current funding set to expire on Jan. 30. The deadlock has sparked renewed concerns over a potential government shutdown—a looming risk that could unsettle metals markets if political tensions escalate.
