New York, Feb 16, 2026, 12:08 EST — The session is done.
- Spot silver edged lower in volatile action, with thin liquidity owing to holiday closures.
- Silver ETFs and mining stocks trading in the U.S. kept to the sidelines this session—even as cash markets kept ticking.
- Focus shifts to U.S. economic releases and the Fed minutes coming up later this week for traders looking for a catalyst.
Silver pulled back Monday, last quoted 1.3% lower at $76.32 an ounce. The metal bounced in a wide range, touching $74.60 at the low and running up to $78.28 earlier in the session. Spot prices trimmed some losses but continued to react to shifts in currency markets.
With U.S. exchanges shut for Washington’s Birthday, silver-focused ETFs and mining stocks had to sit out, at least until Tuesday. Volumes stayed muted as a result, putting the spotlight on spot and futures markets to handle the action.
Silver’s acting double duty these days: safe haven when nerves jangle, industrial play when the economy’s humming. With trading thin, those opposing forces can whip up sharp intraday moves, even if the overall change by the close barely registers.
Spot silver lost 2% to $75.83 by 1619 GMT, slipping after Friday’s 3.4% surge, Reuters said, as a stronger dollar and holiday-thinned trading kept liquidity tight. Giovanni Staunovo of UBS called gold “range-trading around $5,000/oz” during the sluggish week. At MarketPulse by OANDA, Zain Vawda noted that “any sign of a strong economy reduces (silver’s) safe-haven appeal relative to gold.” Gold dropped 1.3% to $4,976 an ounce, and platinum and palladium were also lower, according to Reuters. Reuters
The iShares Silver Trust (SLV) wrapped up Friday at $69.72, gaining 2.94% after swinging between $68.86 and $71.32. As of Feb. 13, the fund’s website listed silver holdings at 16,041.73 tonnes.
After the U.S. holiday, things pick up. January’s retail sales land Tuesday; by Friday, traders get their first taste of Q4 GDP. Both numbers have potential to jolt Treasury yields and the dollar — key drivers for precious metals.
But there’s also the risk of a reversal. Should the dollar gain traction and yields tick higher after the data drop, silver might push back toward the bottom of Monday’s range. That’s particularly likely if risk appetite holds steady and safe-haven buying eases off.
All eyes will turn to Wednesday, as the Federal Reserve is set to publish minutes from its Jan. 27–28 meeting at 2 p.m. Eastern time. The release should offer more detail on how policymakers weighed inflation and growth—and what that might signal for interest rates.
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