NEW YORK, December 30, 2025, 10:52 ET
- iShares Silver Trust (SLV) slid about 7% on Monday, its biggest one-day fall in five years, before rebounding in Tuesday trading.
- Silver dropped sharply from record highs as investors took profits and higher futures margin requirements forced some deleveraging.
- China on Tuesday named which companies can export silver in 2026-27, keeping supply policy in focus after the metal’s record run.
The iShares Silver Trust, the biggest U.S. silver-backed exchange-traded fund (ETF), fell about 7% on Monday in its steepest one-day drop in five years as silver prices retreated from record highs.
SLV was up about 4% in Tuesday trading, a sign that volatility has not left a market that has surged through year-end.
The swings matter because ETFs such as SLV have become a main channel for retail investors to trade silver without storing the metal. Sharp reversals can force fast exits in crowded trades, especially late in the year when liquidity is thinner.
Policy and plumbing are also colliding. A tightening stance around critical minerals, and changes in futures collateral rules, have made day-to-day price moves more sensitive to headlines and positioning.
On Monday, spot silver fell 9.5% to $71.66 an ounce after hitting a record $83.62 earlier in the session, while gold and other precious metals also slid, Reuters reported. “We are seeing profit-taking pullbacks off of those spectacularly high levels,” said David Meger, director of metals trading at High Ridge Futures. (Reuters)
SLV closed down 7.19% at $66.01 on Monday and was last up about 4.4% on Tuesday, according to Investing.com data. (Investing)
The Wall Street Journal’s market live coverage said the fund was on track for its worst day in five years during Monday’s slide. (Wsj)
A key peer vehicle, Sprott Physical Silver Trust (PSLV) — a closed-end trust, meaning its shares can trade at a premium or discount to net asset value (NAV), the value of the silver it holds per share — reported a 8.97% drop in NAV as of Dec. 29. The trust said it held about 209.4 million ounces of silver and had a market price of $24.27 at the prior close. (Sprott)
CME Group said it approved higher “performance bond” requirements for a range of metal contracts, effective after the close of business on Dec. 29. Performance bonds, commonly called margin, are the upfront cash traders must post to hold leveraged futures positions; raising them can force some investors to reduce exposure. (Cmegroup)
The Associated Press reported the increased margin requirements followed extreme volatility and contributed to a broader pullback across precious-metals-linked assets, including mining shares. (Apnews)
China added another layer on Tuesday. Beijing named 44 companies that will be allowed to export silver in 2026 and 2027, part of a wider set of restrictions on critical minerals, Reuters reported. (Reuters)
