NEW YORK, December 29, 2025, 04:11 ET — Premarket
- Sprott Physical Silver Trust down 4.8% premarket at $24.80 after a 8.7% jump on Friday
- Spot silver slid after hitting a record $83.62 earlier on Monday
- Fed minutes due Tuesday; traders watch rate-cut expectations and geopolitics
Sprott Physical Silver Trust fell 4.8% in premarket trading on Monday to $24.80, trimming part of Friday’s surge as silver prices pulled back from fresh highs.
The trust is a go-to vehicle for investors seeking liquid exposure to silver at a moment when the metal’s rally has turned volatile, whipped by shifting views on U.S. rates and haven demand.
That matters now because silver’s late-year spike has drawn momentum buying into metal-linked funds, and even small changes in the macro narrative are triggering sharp reversals ahead of the U.S. cash open.
Spot silver was down 4.6% at $75.47 an ounce in early trade after touching an all-time high of $83.62 earlier in the session, Reuters reported.
“A combination of profit-taking and seemingly productive talks between Trump and Zelensky have put gold and silver on the back foot,” said Tim Waterer, chief market analyst at KCM Trade. Reuters
Traders are also looking to Tuesday’s release of minutes from the Federal Reserve’s December meeting for clues on the 2026 rate path. Reuters reported markets still price in two U.S. rate cuts next year.
PSLV closed on Friday, Dec. 26, at $26.04, up 8.7%, after trading between $24.65 and $26.07, data showed.
Unlike an operating company, the Sprott trust is designed to mirror the metal. Sprott says it is a closed-end trust that holds fully allocated London Good Delivery silver bars.
Closed-end vehicles can trade away from their net asset value, or NAV — the value of the underlying holdings per unit — because the number of units is not continuously created and redeemed like many ETFs.
As of Dec. 26, Sprott’s website put PSLV’s NAV at $27.20 per unit versus a market price close of $26.04, a 4.26% discount to NAV.
Sprott said the trust held 208.8 million ounces of silver with total net asset value of about $16.61 billion as of that date.
Silver-focused peers have also been moving with the metal. BlackRock’s iShares Silver Trust, the largest silver ETF, holds about 529 million ounces worth roughly $39 billion at current prices, a Reuters factbox said.
The backdrop remains extreme: silver is up 181% year-to-date, Reuters reported, helped by tight supply, low inventories and demand from both industry and investors.
For PSLV holders, the next catalysts are likely to be the metal itself — including whether silver stabilizes after the pullback — plus Fed messaging, the dollar’s direction and any fresh geopolitical headlines that shift safe-haven appetite.
