New York, Jan 26, 2026, 17:07 EST — After-hours
- Spot silver climbed 4.8% to $107.903 an ounce, reaching an intraday high of $109.44 earlier Monday
- iShares Silver Trust (SLV) ended the day 5.8% higher following a choppy trading session
- Traders are focused on Wednesday’s Fed decision as well as new shifts in the dollar and yen
Spot silver surged to a new high Monday, drawing investors seeking safe havens amid market jitters. The metal climbed 4.8% to $107.903 an ounce, after briefly touching an all-time peak of $109.44. Silver-related funds also saw gains. 1
In U.S. trading, the iShares Silver Trust, a leading silver ETF, jumped 5.82% to close at $98.32. Throughout the session, its price fluctuated between $96.54 and $106.69. 2
The jump is significant because it’s spilling over into wider equity and commodity bets, even as investors pull back from some rally sectors. “The commodities, which really carried the TSX to start the year, are starting to look a little overbought,” said Greg Taylor, chief investment officer at PenderFund Capital Management, noting the surge in precious metals prices. 3
Currency markets played a key role. The yen gained ground while the dollar slipped, as investors eyed potential intervention—official moves to curb sharp currency swings. All eyes also on a busy week ahead, featuring mega-cap earnings and the Federal Reserve. “It seems like we’re having an expansion in corporate profits and an expansion in the economy,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. 4
Silver’s surge boosted miners and related stocks. Hecla Mining climbed 4.8%, Coeur Mining added 2.7%, and U.S.-listed Endeavour Silver, Silvercorp Metals, and Wheaton Precious Metals each jumped between 4% and 6%, according to Reuters. Analysts at Scotiabank forecast “stronger for longer” silver prices over the near to medium term. 5
Traders are starting to worry about the flip side of silver’s crowded rally. The metal has shot up over recent sessions, and despite pulling back from Monday’s peak, Reuters’ Trading Day column flagged the speculative surge as “considerable,” cautioning that “the correction could be messy.” 6
Silver’s momentum has been sharp enough that even a slight change in key factors can hit hard. A calmer geopolitical scene, a firmer dollar, or a tougher Fed stance might spark profit-taking, particularly following recent big intraday moves in the metal and its top ETFs.
The next major event is the Fed’s two-day meeting on Jan. 27-28. The policy decision is set for 2:00 p.m. Wednesday, followed by a press conference at 2:30 p.m., according to the Federal Reserve calendar. 7
Traders will watch the dollar and yen closely, while also gauging silver’s momentum once the Fed steps back. The key moments: Wednesday’s statement and Powell’s press conference.
