Silver price jumps near record after Fed hold as SLV ETF stays in play

New York, January 28, 2026, 17:03 EST — After-hours

• Spot silver climbed again Wednesday, staying close to this week’s record highs
• The Fed paused on rate changes, keeping attention fixed on inflation, the dollar, and market volatility
• Silver-linked ETFs and miners surged in the final moments and late trading session

Spot silver climbed roughly 3.7% to near $116.3 an ounce Wednesday, edging back toward Monday’s high as the rally held steady into the U.S. market close.

The surge came after another round of “safe-haven” buying — investors turning to reliable assets amid political and market uncertainty — following a drop in the U.S. dollar to its lowest level in nearly four years earlier in the session. Silver climbed roughly 2% to $115.40 in early trading, Reuters reported. Reuters

The Federal Reserve held its benchmark interest rate steady between 3.5% and 3.75% on Wednesday, signaling persistent inflation pressures. That combo tends to jostle the dollar and bond yields, with ripples reaching metals markets. “Today’s Fed statement and press conference was decidedly on the hawkish side,” said Chris Grisanti, chief market strategist at MAI Capital Management. Reuters

Silver’s surge has pushed banks and traders to ramp up their calls. Spot silver jumped to a record $117.69 on Monday, marking a gain of over 57% this year through Tuesday, following a 146% rally in 2025, according to a Reuters report. “There’s going to be a lot of volatility ahead, with risks of sharp pullbacks,” warned Michael Widmer, commodities strategist at Bank of America. Citi boosted its short-term silver target to $150 an ounce. Reuters

After hours, iShares Silver Trust, an ETF that tracks silver and trades like a stock, climbed roughly 3.9% to $105.60. First Majestic Silver edged up close to 2%, Pan American Silver added around 2.5%, but Hecla Mining slipped about 4%.

Retail flow remains a key factor. Vanda Research reported that individual investors net bought roughly $171 million of iShares Silver Trust on Monday. Ashwin Bhakre, Vanda’s head of product, described the activity as “more intense than the classic AI trade,” with turnover exceeding 11 times the norm. At the same time, Vanda noted heavy trading in an inverse silver ETF, as some traders positioned against the rally. Reuters

The pace stands out even on wider scales. TradingEconomics put silver’s one-month jump at around 61%, with a year-on-year surge near 277%, highlighting why minor tweaks to rates or positions trigger hefty daily moves.

The market is zeroed in on two key factors: if the dollar remains weak following the Fed’s pause, and whether ETF inflows continue to mirror the recent surges in trading volume. A swift turnaround would be significant, given how much of the trading hinges on momentum—and crowded exits could quickly turn chaotic.

The rally is now hitting the real economy. The Financial Times says solar panel manufacturers are rushing to cut back on silver use or find substitutes as prices climb. Meanwhile, ex-JPMorgan quant chief Marko Kolanovic warned silver could fall by about 50% in the next year. Still, he warned that shorting the metal remains risky given the market’s volatility.

Traders face a packed schedule ahead. U.S. government funding lapses at 12:01 a.m. Eastern on Saturday, Jan. 31, leaving shutdown risks front and center. On Jan. 30, producer price data arrives — a key factory-gate inflation gauge that could shift rate outlooks and impact precious metals.

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