New York time check: As of 4:08 a.m. ET on Saturday, December 27, 2025, U.S. stock exchanges are closed for the weekend.
That matters for Sprott Physical Silver Trust (NYSE Arca: PSLV) because the next price discovery moment won’t happen until the market reopens—while silver itself just delivered one of the most dramatic year-end moves in modern commodities trading, surging to fresh all-time highs on Friday amid thin holiday liquidity. [1]
Below is what’s moving PSLV stock, the latest official trust stats (NAV, holdings, premium/discount), the most relevant silver forecasts and expert takes, and a practical checklist of what to know before the next session.
PSLV stock: the headline numbers from Friday’s close
On Friday, December 26, PSLV’s official “previous close” market price (NYSE Arca, USD) was $26.04. Sprott also reported a NAV per unit of $27.20, implying PSLV finished the day at about a -4.26% discount to NAV. [2]
That discount matters because PSLV is designed to track physical silver, but investors buy and sell units on an exchange, and the unit price can move above or below the underlying metal value—especially during fast markets.
Sprott’s same update (timestamped as data last updated Friday, Dec. 26, 2025 at 6:00 p.m. EST) reported: [3]
- Units outstanding: 610,758,275
- Total ounces of silver held: 208,805,141 oz
- Market value of silver held by the Trust: $16.55 billion
- Total net asset value (NAV): $16.61 billion
For a quick, nerdy “sanity check”: those figures imply each PSLV unit is backed by roughly 0.342 ounces of silver (a back-of-the-envelope division using Sprott’s reported ounces and units). That’s why PSLV tends to move “like silver,” even though discounts/premiums can widen during volatility.
Why PSLV is moving: silver just went vertical into year-end
The core driver is simple: silver ripped to record highs.
Reuters reported that silver rose 9% on Friday and reached a record high around $78.53/oz, citing a market deficit and rising industrial demand among the drivers. [4]
In a separate Reuters report from Friday afternoon, spot silver was described as breaching the $77 handle, with metals volatility amplified by thin markets, as traders leaned into expectations for Fed easing and reacted to geopolitical headlines. [5]
One expert quote that captures the vibe: Peter Grant, vice president and senior metals strategist at Zaner Metals, told Reuters that thin markets can drive volatility, warned there is some risk of profit-taking into year-end, but added that the “trend remains strong.” [6]
That “thin markets” point is not trivia. It’s the kind of condition where:
- breakouts accelerate,
- stop-loss cascades and gap moves become more likely,
- and exchange-traded products tied to commodities (like PSLV) can see bigger-than-usual swings.
The broader stock market setup: calm equities, explosive metals
While silver was melting faces, U.S. equities were comparatively subdued.
Reuters described Friday’s Wall Street session as light-volume and close to record highs, with the major indexes nearly flat as investors moved through a post-holiday lull. The report also noted the market is in the “Santa Claus rally” window that runs through early January. [7]
Why it matters for PSLV: when equity volatility is muted, investors often look elsewhere for momentum, hedges, and diversification—commodities can become the “action” trade, and silver is currently wearing that crown.
What exactly is Sprott Physical Silver Trust (PSLV)?
PSLV is not a silver miner fund and it’s not a futures strategy.
Sprott describes Sprott Physical Silver Trust as a closed-end trust that invests in unencumbered and fully allocated London Good Delivery (LGD) silver bars, aiming to provide a convenient, exchange-traded way to hold physical silver exposure. [8]
Key structural details Sprott lists include: [9]
- Bullion custodian: The Royal Canadian Mint
- Auditor:KPMG
- Listings/tickers: PSLV (NYSE Arca), PSLV.U (TSX USD), PSLV (TSX CAD)
Redeemable for physical silver (but read the fine print)
Sprott highlights that unitholders can redeem for physical silver monthly, subject to minimum requirements. [10]
The minimum for PSLV is substantial: Sprott says a unitholder must have enough units to equate to ten 1,000-ounce silver bars (i.e., ~10,000 oz) to redeem. [11]
Translation: PSLV is physically backed, but physical redemption is mainly practical for very large holders, not the average retail investor.
Fees/expenses
Sprott reports a management expense ratio (MER) around 0.60% (based on expenses through the period ended 6/30/2024). [12]
CEFConnect lists total annual expenses around 0.58% (as of 12/31/2024). [13]
Different reporting windows, same basic conclusion: fees are “around ~0.6%.”
The discount/premium story: the hidden lever in “PSLV stock”
The single most overlooked variable in PSLV is the premium/discount to NAV.
Sprott’s own daily data showed PSLV at about a -4.26% discount at Friday’s close. [14]
YCharts also showed the trust trading below NAV earlier in the week (example: -2.89% as of Dec. 24). [15]
Why this matters in real life:
- If silver rises and the discount narrows, PSLV can outperform silver (because the “gap” closes).
- If silver rises but the discount widens, PSLV can lag silver even in a rally.
- In fast markets, the premium/discount can change quickly—sometimes faster than investors expect.
Fresh PSLV news investors are watching: the ATM program expansion
PSLV also has a very relevant, very recent corporate update.
On December 11, 2025, Sprott announced that PSLV updated its at-the-market (ATM) equity program to issue an additional $1 billion of trust units in the U.S. and Canada. Sprott said the timing and volume would be at the trust’s discretion, and that proceeds would be used to acquire physical silver bullion consistent with the trust’s objective. [16]
Why this matters:
- In periods of heavy demand, an ATM program can increase the supply of units.
- If units are issued and silver is purchased, the trust’s ounces and NAV can rise—potentially helping keep trading prices from drifting too far away from intrinsic value (though discounts can still persist).
Bigger-picture PSLV growth: NAV milestones and holdings
Earlier this quarter, Sprott highlighted how large PSLV has become.
In an October 14, 2025 press release, Sprott said PSLV’s NAV surpassed $10 billion, and quoted John Ciampaglia, CEO of Sprott Asset Management, describing surging demand for physical metal and emphasizing PSLV’s “fully allocated and segregated” silver. The release said PSLV held 202.6 million ounces of silver as of October 13, 2025. [17]
Compare that to Sprott’s latest daily number of 208.8 million ounces as of Dec. 26—PSLV’s physical holdings have grown meaningfully since mid-October. [18]
Silver fundamentals: deficits, industrial demand, and the “critical mineral” narrative
For the “why silver?” question, one of the most cited sources in the market is the Silver Institute, whose data is produced with Metals Focus.
In a November 13, 2025 release, the Silver Institute said 2025 is expected to be the fifth consecutive year of deficit, estimated at a sizeable 95 million ounces, and that the cumulative deficit for 2021–2025 would be almost 820 million ounces. [19]
The same release also tied the industrial story to real-world demand drivers, including photovoltaics and growth in AI-related infrastructure, while noting “thrifting” (using less silver per unit) in some applications as prices rise. [20]
Reuters also noted that silver’s rally has been supported by supply deficits and cited its designation as a U.S. critical mineral as part of the broader narrative feeding investment inflows. [21]
Silver price forecasts and analyst views: the awkward truth after a record spike
Here’s where it gets interesting (and a little weird): some widely quoted 2026 forecasts were already bullish—yet silver has now blown past them.
Bank of America (via Reuters): $65 silver in 2026
Reuters reported that Bank of America raised its 2026 outlook for silver to $65/oz (average $56.25) and warned that market dislocations could increase volatility near term. [22]
That note was published in October—when silver was far below today’s late-December highs. The implication is not “BofA was wrong,” but rather: the market’s late-2025 move has been exceptional even relative to bullish sell-side expectations. [23]
UBS: $55 by June 2026 (published before the latest melt-up)
UBS wrote in October that it expected silver to rebound to $55/oz by June 2026. [24]
Again: silver is now far above that level after the December surge. This is a reminder that forecasts are often path-dependent—they assume a certain sequence of pullbacks and recoveries. Markets, however, do not sign contracts.
IG: bank forecasts cluster $56–$65 for 2026, technical levels up to $88
IG’s commodities outlook (published Dec. 23, 2025) said the average major-bank silver forecast sits in the $56–$65 range for 2026, and highlighted technical extensions near $72 and $88. [25]
With silver around ~$78 at Friday’s peak, the market has already cleared one of those technical zones and is now staring at the next.
The “mania phase” camp: $300 as a long-term target
MarketWatch summarized the view of Peter Krauth (author of The Great Silver Bull), who argues that structural deficits and a potential “mania” phase could eventually drive silver to $300/oz—while still acknowledging the likelihood of corrections along the way. [26]
This is not a consensus call—and it’s obviously far beyond what most institutional forecasts publish. But it’s relevant because it reflects a real sentiment shift: silver isn’t just “an industrial metal with a hedge feature” right now; it’s also becoming a narrative trade.
If the market is closed now, what should investors know before the next session?
Because it’s early Saturday in New York, you can’t trade PSLV until the next U.S. session.
The NYSE core trading session runs 9:30 a.m. to 4:00 p.m. ET, and PSLV trades on NYSE Arca. [27]
The next regular session after a Saturday is Monday, December 29, 2025 (with only a few trading days left in the year, which can amplify year-end positioning effects). Reuters noted that just three trading days remained in 2025 as of Friday’s close. [28]
Here’s the practical pre-open checklist for PSLV watchers:
1) Watch silver first, not PSLV
PSLV is essentially a wrapper around physical silver, so weekend and overnight developments that move silver can set up a gap at Monday’s open. Reuters’ “thin markets” comment is especially relevant here—fast moves can retrace fast. [29]
2) Track the premium/discount to NAV
Sprott’s own data showed a -4.26% discount at Friday’s close. In a high-volatility metals tape, that discount can change quickly—sometimes becoming the difference between “PSLV matched silver” and “PSLV lagged.” [30]
3) Keep the ATM program in mind
If PSLV demand stays hot, issuance via the updated ATM program could expand the unit count over time while adding physical silver. That’s not inherently bullish or bearish—it’s a mechanism that affects supply, liquidity, and how tightly the unit price can hew to NAV. [31]
4) Expect year-end cross-currents
Equities are near all-time highs in a classic “post-holiday, low-volume” environment, according to Reuters. That kind of tape can flip quickly if macro headlines hit or if positioning becomes one-sided into year-end. [32]
5) Know the upcoming holiday closure
U.S. markets are closed on January 1, 2026 for New Year’s Day (so liquidity patterns and rebalancing behavior into the final sessions of 2025 can matter). [33]
One more crucial PSLV-specific consideration: taxes (U.S. investors)
This is not the fun part, but it’s the part that surprises people.
Sprott notes that special U.S. tax rules can apply because the Sprott Physical Bullion Trusts are classified as PFICs (Passive Foreign Investment Companies), and that some U.S. holders may consider a QEF election (typically involving IRS Form 8621) to mitigate adverse consequences. [34]
Tax treatment depends heavily on the investor’s situation—so the right move is usually “read the issuer’s materials, then talk to a qualified tax professional,” not “wing it.”
Bottom line: PSLV is doing what it’s built to do—but the next move may be about structure, not silver
PSLV exists to give public-market investors a liquid way to hold fully allocated physical silver exposure—and in a week where silver printed new records, it’s no surprise PSLV is back in the spotlight. [35]
Going into Monday’s open, the big question isn’t just “where does silver trade next?” It’s also:
- Will PSLV’s discount to NAV narrow or widen?
- Will year-end liquidity and positioning amplify volatility?
- And how will the market interpret the trust’s updated ability to issue units via the ATM program?
In a market like this, the metal is the engine—but the vehicle’s mechanics (NAV, premium/discount, issuance rules, liquidity) can decide who feels the acceleration and who just hears the noise.
References
1. www.reuters.com, 2. www.sprottusa.com, 3. www.sprottusa.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.sprottusa.com, 9. www.sprottusa.com, 10. sprott.com, 11. sprott.com, 12. www.sprottusa.com, 13. www.cefconnect.com, 14. www.sprottusa.com, 15. ycharts.com, 16. www.globenewswire.com, 17. www.globenewswire.com, 18. www.sprottusa.com, 19. silverinstitute.org, 20. silverinstitute.org, 21. www.reuters.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.ubs.com, 25. www.ig.com, 26. www.marketwatch.com, 27. www.nyse.com, 28. www.reuters.com, 29. www.reuters.com, 30. www.sprottusa.com, 31. www.globenewswire.com, 32. www.reuters.com, 33. www.investopedia.com, 34. sprott.com, 35. www.sprottusa.com
