New York, Feb 14, 2026, 12:03 EST — The session has ended.
- Spot silver stuck near $77.3 an ounce, holding on after snapping back sharply Friday.
- June rate-cut odds climbed after softer U.S. inflation data, taking some of the heat off yields.
- SLV, the silver-focused ETF, along with mining stocks, climbed. Still, traders point out: holiday liquidity remains thin.
Silver held its ground Saturday following a sharp move up late in the week. Spot silver was recently quoted at about $77.3 per ounce, Kitco data showed.
This week, the metal swung between behaving like a risk asset and acting as a safe haven, sometimes switching direction within the hour. For traders, it’s all about whether Friday’s inflation reprieve sticks when futures start up again Sunday evening.
A softer U.S. inflation reading gave markets a boost. Traders in Fed funds futures, tracking expectations for the central bank’s policy rate, now see almost a 70% chance for a June rate cut, according to Reuters. The contracts are factoring in about 64 basis points of easing—that’s 0.01 percentage point per basis point. “As long as CPI remains in check … the Fed is likely to proceed cautiously lowering rates a couple of times later this year,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. https://www.reuters.com/business/us-rate-f…
Silver doesn’t offer any yield, which is key here. If investors expect policy rates to drop, real yields usually slip and the dollar tends to lose some strength. That combination typically gives dollar-priced bullion a bit of a tailwind.
Markets bounced back after a sharp drop Thursday, when upbeat U.S. labor numbers dashed hopes for imminent rate cuts and set off a wave of stop-loss selling. “Those stops have been triggered … causing prices to slump in a short period of time,” said Fawad Razaqzada, market analyst at City Index and FOREX.com, in comments to Reuters. Silver ended the day down 8.9%. https://www.reuters.com/world/india/gold-s…
Silver stocks bounced sharply Friday. iShares Silver Trust (SLV) tacked on 2.9%. Pan American Silver jumped 6.1%, with First Majestic Silver not far behind, up 6.35%, according to historical figures from Investing.com. https://www.investing.com/etfs/ishares-sil… https://www.investing.com/equities/pan-ame…
Still, losses for the week lingered. According to a Reuters report carried by Dawn on Friday, spot silver was tracking roughly 2.1% lower for the week at that stage, recovering after Thursday’s steep 11% plunge.
Now, traders are eyeing the Fed’s preferred inflation measure to see if it leaves the “cuts later this year” narrative standing. Reuters noted in its CPI coverage that PCE inflation numbers are coming next week—a release with the power to jolt rate bets. https://www.reuters.com/business/us-consum…
With U.S. stock markets closed Monday for Washington’s Birthday/Presidents Day, traders face a thinner tape—liquidity could dry up, especially for silver-linked ETFs and miners.
Still, the rebound could be a mirage. A fresh upside jolt in growth or inflation would likely send yields climbing again, tightening financial conditions and knocking silver back down — particularly with positioning on edge after this week’s stop-fueled turbulence.
The next hurdle isn’t far off. COMEX silver futures kick back into action Sunday evening, and CME’s holiday calendar points to special trading hours for Presidents Day. https://www.barchart.com/futures/quotes/SI…
