Silver breaks $80 as SLV jumps 9% into year-end

NEW YORK, December 28, 2025, 7:59 PM ET — Market closed

iShares Silver Trust (SLV) last closed up 9.05% at $71.12 as silver-linked assets surged. BlackRock
Spot silver vaulted above $80 an ounce for the first time, hitting $83.62 before easing. Reuters
Investors are bracing for fresh price swings when U.S. trading resumes, with Fed minutes and key U.S. data due this week. Investopedia

The iShares Silver Trust climbed 9.1% in the last U.S. session and remained in focus on Sunday after spot silver pushed above $80 an ounce for the first time, extending a record run in the metal. BlackRock

The move matters because SLV is a popular way for stock investors to take direct exposure to silver without trading futures, and the metal’s latest milestone is drawing momentum and hedging demand into year-end. Reuters

Silver’s jump has been driven by a mix of robust industrial and investment demand, tightening inventories, geopolitical tensions and expectations of further U.S. interest-rate cuts, Reuters reported. Reuters

Spot silver rose 3.9% to $82.22 an ounce by 2342 GMT on Dec. 28, after touching an all-time high of $83.62 earlier in the session, Reuters said. Reuters

SLV last closed at $71.12 on Friday, up 9.05% on the day, according to iShares data from BlackRock. Trading volume topped 139 million shares versus a 30-day average around 55.7 million. BlackRock

SLV is an exchange-traded fund, or ETF — a fund that trades like a stock — that stores physical silver for investors, with each share representing an amount of metal held in a vault, Reuters explained. Reuters

Reuters said the largest silver ETF is iShares Silver Trust, run by BlackRock, which contains around 529 million ounces of silver worth about $39 billion at current prices. Reuters

Silver miners also moved with the metal in the last session, with First Majestic Silver up about 1%, Pan American Silver up nearly 3% and Hecla Mining up about 2%, according to market data.

The wider precious-metals complex has surged alongside silver. On Friday, spot silver hit $78.53 an ounce, while spot gold reached $4,549.71 and platinum touched $2,454.12, Reuters reported. Reuters

Tony Sycamore, a market analyst at IG, said: “The dominant driver of late has been a severe structural supply-demand imbalance in silver.” The Guardian

The rally has echoed into physical markets abroad. In India, MCX silver futures rose from about 208,439 rupees per kg on Dec. 19 to 240,935 by Friday, while MCX gold also advanced over the same stretch, AajTak reported. AajTak

Before next session: Investors will watch whether silver can hold above $80 when U.S. markets reopen on Monday, with thin year-end liquidity amplifying swings in some assets. Reuters

Minutes from the Federal Reserve’s December meeting are due Tuesday, alongside data including pending home sales and weekly jobless claims this week — releases that can move the dollar and bond yields, key drivers for precious metals. Investopedia

Trading conditions will also be shaped by the holiday calendar: U.S. stock and bond markets will be closed on Thursday, Jan. 1, for New Year’s Day, and the bond market is set to close early at 2 p.m. ET on Wednesday, Dec. 31, according to Investopedia and SIFMA guidance. Investopedia

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