NEW YORK, December 30, 2025, 11:51 ET — Regular session.
- Sprott Physical Silver Trust (PSLV) rose about 4% in Tuesday trading, tracking a rebound in silver.
- Silver recovered after Monday’s sharp drop tied in part to higher futures margin requirements.
- Investors are watching Federal Reserve minutes due later Tuesday for clues on the 2026 rate path.
Sprott Physical Silver Trust rose 4.4% to $25.33 in late-morning trade on Tuesday, after swinging between $24.58 and $25.45. The trust’s U.S.-listed units were up $1.06 from Monday’s close, with volume around 9.8 million shares.
The move put PSLV back in step with the metal it holds after a sudden bout of volatility jolted the silver market into year-end. For investors who use exchange-traded products as a liquid proxy for bullion, the last two sessions have been a reminder that leverage and liquidity can matter as much as the macro story.
The next catalyst lands later Tuesday, when minutes from the U.S. Federal Reserve’s December meeting are released. Any shift in how traders handicap rate cuts can quickly move the dollar and Treasury yields — two key inputs for precious metals pricing.
Spot silver rose 4.6% to $75.523 an ounce after touching an all-time high of $83.62 on Monday before posting its biggest daily drop since August 2020. Analysts at Societe Generale pointed to the CME Group’s decision to raise initial margin requirements — the collateral required to hold futures positions — as a trigger for the selloff. “Things have stabilised somewhat today,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Reuters
The iShares Silver Trust, a larger U.S. silver ETF, gained 4.7% to $69.11 on Tuesday, underscoring how closely silver-linked funds have tracked the metal’s rebound.
PSLV is a closed-end trust that holds physical silver bars rather than futures contracts. Its net asset value, or NAV — the per-unit value of the underlying silver after expenses — was $24.76 at Monday’s close, while the market price finished at $24.27, a 1.97% discount, Sprott data showed. The trust held about 209.4 million ounces of silver, with total net assets of roughly $15.1 billion.
The dollar’s direction remains an added variable for metals traders, especially in thin holiday markets. The dollar index rose 0.13% to 98.13 ahead of the Fed minutes, and analysts cautioned against over-reading late-December price action given light volumes.
For investors in PSLV, the main question is whether Tuesday’s rebound turns into a steadier uptrend or another leg of whipsaw trading. The last two sessions have shown how quickly forced selling in futures can spill into ETFs and trusts tied to the spot price.
Traders will also watch whether tighter futures margins keep volatility elevated into the new year. Higher margin requirements can cool speculative positioning by making it more expensive to carry large, leveraged bets.
Because PSLV is a closed-end vehicle, it can trade above or below NAV depending on demand for its units. A widening discount can leave holders lagging the spot silver move, while a narrowing discount can amplify gains when sentiment turns.
