NEW YORK, January 2, 2026, 08:24 ET — Premarket
- Sprott Physical Silver Trust was higher before the bell as silver prices rebounded sharply.
- The trust ended the last session at a discount to the value of its underlying silver holdings.
- Investors are watching key U.S. jobs and inflation data next week for clues on interest-rate cuts.
Units of Sprott Physical Silver Trust (PSLV) rose 4.5% in premarket trading on Friday, last at $24.705, after ending December 31 down 6.23% at $23.65, according to Investing.com data.
The trust is a popular stock-market proxy for silver, so it often reacts quickly when the metal moves, especially around major macro headlines and thin holiday trading.
The rebound comes as investors reset positions for the first full session of 2026, with rate expectations and safe-haven demand again driving precious metals after a volatile end to the year.
Spot silver climbed 4.6% to $74.52 an ounce, Reuters reported, after touching an all-time high of $83.62 earlier this week. “Precious metals have kicked off 2026 on a firmly positive note,” said Lukman Otunuga, a senior research analyst at FXTM, pointing to geopolitical risk and hopes of lower U.S. rates. Reuters
Sprott said the trust’s net asset value, or NAV — the per-unit value of its silver holdings — was $24.59 at the December 31 close, while the market price ended at $23.65, a 3.83% discount. The trust held about 210.7 million ounces of silver, Sprott said.
Other silver-backed products moved in tandem. iShares Silver Trust (SLV) was last indicated at $67.17 in premarket trading versus a $64.42 prior close, while abrdn Physical Silver Shares ETF (SIVR) was last indicated at $70.56 versus $67.64, according to Investing.com data.
For PSLV holders, the gap between market price and NAV can matter as much as the silver move itself. A discount means the units trade below the value of the silver per unit; a premium means they trade above it.
The sharp back-and-forth also reflects how quickly leveraged futures flows can ripple into silver-linked funds. Higher margin requirements and profit-taking can force traders to cut exposure fast, amplifying swings.
Next up, traders will focus on U.S. labor-market and inflation readings that could reset the Fed outlook. Reuters reported the monthly jobs report is due January 9 and the consumer price index is due January 13, with investors also looking toward the Fed’s late-January meeting.
Technically, PSLV’s bounce puts the late-December area just above $26 back on screens after the trust’s recent slide, while the downside is framed by the week’s low near the $23 handle.
The immediate test is whether silver’s surge holds through the U.S. cash-session open. A steady metal price tends to pull PSLV’s discount closer to its historical range, while fresh volatility can widen it again.
