NEW YORK, December 31, 2025, 11:08 ET — Regular session
- Sprott Physical Silver Trust (PSLV) fell about 4% as silver prices extended a sharp pullback from record highs.
- Higher futures margins and year-end profit-taking have amplified moves across precious metals.
- Traders are watching China’s export controls and next week’s U.S. jobs report for clues on rates and the dollar.
Sprott Physical Silver Trust (PSLV) slid 4.3% to $24.14 in Wednesday trading, tracking a renewed drop in silver prices after a record-setting run.
The move matters because PSLV is one of the most heavily traded, exchange-listed ways to get exposure to physical silver, making it a quick read on sentiment when the metal turns volatile.
Spot silver was down about 5% near $73 an ounce after hitting a record $83.62 on Monday, and it is up more than 150% year-to-date, Reuters reported. “The short-term is very choppy … but we think the prices will continue to push higher into 2026,” said Marex analyst Edward Meir. Reuters
Part of this week’s turbulence has been linked to higher margin requirements on precious-metals futures — the cash traders must post to hold leveraged positions — which can force rapid position cuts when prices swing.
Macro data also fed into the tone. U.S. initial jobless claims fell to 199,000 for the week ended Dec. 27, Reuters reported, while ADM Investor Services said a firmer dollar and higher Treasury yields helped pressure precious metals.
Other silver funds moved in lockstep. iShares Silver Trust (SLV) was down 4.9% and abrdn Physical Silver Shares ETF (SIVR) fell 4.8%, underscoring that Wednesday’s decline was driven by the underlying metal rather than trust-specific headlines.
PSLV can trade above or below the value of its bullion holdings — its net asset value, or NAV — because it is a closed-end trust. YCharts data showed PSLV at a 3.65% discount to NAV as of Dec. 30.
Sprott says the trust holds fully allocated silver bars and is designed to offer exchange-traded access to physical metal.
Supply concerns remain in focus heading into 2026. China named 44 companies allowed to export silver in 2026 and 2027, as Beijing tightens oversight of metals it deems critical, according to a Ministry of Commerce statement cited by Reuters.
Silver was one of 2025’s standout commodity performers, and analysts have pointed to supply constraints and expectations for lower U.S. rates next year as key supports for the broader precious-metals complex.
Traders also have a holiday break ahead: U.S. equity markets are open Wednesday but closed on New Year’s Day, with trading resuming on Jan. 2.
