New York, Jan 26, 2026, 13:25 EST — Regular session
- PSLV climbed roughly 13% by midday, mirroring a steep rise in silver prices.
- Silver hit a new high, driven by safe-haven interest and a surge of momentum buying.
- Investors are now focused on the Fed’s January 28 decision and the U.S. funding deadline set for January 30.
Sprott Physical Silver Trust surged Monday, riding a sharp silver rally that drove fresh cash into ETFs linked to the metal. PSLV climbed $4.35, roughly 13.1%, hitting $37.57 in New York midday trading.
This shift is significant as silver has once again taken on the role of a stress barometer. Investors see it as a safe haven and a high-beta play on risk and inflation. That dynamic can change fast, especially with a slew of events this week that could jolt the dollar and real yields—two crucial factors for metals.
Spot silver surged to a record $113.61 an ounce, following its climb past $100 late last week, driven by strong momentum and a wave of retail buying, UBS analyst Giovanni Staunovo noted. He cautioned, however, that such lofty prices might begin to weigh on industrial demand. (Reuters)
Wider market jitters have boosted demand. Silver jumped over 4% today and has rallied more than 50% since January, driven by a weaker U.S. dollar and a shift into safe-haven assets, according to a Reuters market report. (Reuters)
Other silver-related funds kept pace. iShares Silver Trust (SLV) climbed roughly 13%, while abrdn Physical Silver Shares ETF (SIVR) posted a comparable gain.
PSLV is a closed-end trust backed by physical silver bars, giving investors a way to access metal exposure without handling the bullion directly. Unlike most ETFs, closed-end funds like this can trade at prices that diverge from the actual value of their holdings. (Sprott)
The trust’s most recent update reported a net asset value of $35.30 per unit and holdings of 217.7 million ounces of silver. At that point, the fund was trading below its NAV — a reminder that in turbulent markets, discounts and premiums can stretch further. (Sprottusa)
Some market watchers aren’t convinced. They’re cautioning that silver’s sharp rally shows bubble characteristics and might trigger profit-taking if momentum falters. (Barron’s)
The Federal Reserve is the next major focus. The FOMC convenes Jan. 27-28, with its policy statement set for release at 2 p.m. ET Wednesday. Chair Jerome Powell will follow with remarks half an hour later. (Federal Reserve)
The meeting is widely anticipated to hold rates steady, yet political tensions surrounding the Fed have seeped into the market, complicating the outlook for the dollar and haven assets, according to a Reuters analysis. (Reuters)
Traders are keeping an eye on Washington’s funding showdown, too, as current funding runs out on Jan. 30. The standoff has reignited fears of a government shutdown—an extra wildcard for metals if tensions ramp up. (Time)
