NEW YORK, December 29, 2025, 14:35 ET — Regular session
- iShares Silver Trust slid about 8.6% as silver prices retreated sharply from record highs
- Traders pointed to profit-taking and tighter futures margin requirements set to kick in after Monday’s close
- Silver miners fell in tandem as investors watched whether the metal holds above $70
Shares of iShares Silver Trust (SLV) fell about 8.6% to $65.01 in afternoon trading on Monday, tracking a sharp reversal in silver after the metal briefly surged to a fresh record above $83 an ounce. The physically backed exchange-traded fund is designed to follow the LBMA Silver Price benchmark.
The move matters because silver is up about 150% this year, leaving positioning vulnerable as investors square books into year-end. When the metal swings, losses can quickly spill into silver-linked funds and mining shares.
Traders cited profit-taking after the record run and the kind of holiday-thinned liquidity that can amplify price moves. Liquidity is a measure of how easily an asset can be traded without pushing prices around.
Spot silver was down 8.4% at $72.51 per ounce by 12 p.m. ET, after touching a record $83.62 earlier in the session, Reuters data showed. Spot gold fell 4.2%, while platinum and palladium also dropped sharply.
“We are seeing profit-taking pullbacks off of those spectacularly high levels,” said David Meger, director of metals trading at High Ridge Futures. Reuters
Futures market mechanics also came into play. CME Group said updated “performance bond” requirements — margin, or the cash traders must post to hold futures positions — would take effect after the close of business on Dec. 29. CME Group+1
TD Securities commodity strategist Daniel Ghali said the “melt up” in prices — a rapid, momentum-driven rise — had been worsened by liquidity constraints tied to a looming U.S. deadline on a critical minerals investigation, along with holiday-thinned trading. The U.S. has designated silver a “critical mineral,” underscoring its supply-chain role and sharpening attention on availability. Reuters
Geopolitical headlines stayed in the background for safe-haven trades. Reuters reported Russia’s President Vladimir Putin told U.S. President Donald Trump Moscow would review its position in peace negotiations after what it said was a Ukrainian drone attack on a Russian presidential residence.
Silver-linked equities fell in tandem with the metal. First Majestic Silver (AG) was down about 3.8%, Pan American Silver (PAAS) fell 5.7% and Hecla Mining (HL) lost 4.0% in afternoon trading.
The selling also hit other silver trackers. The abrdn Physical Silver Shares ETF (SIVR) slid about 8.6% in afternoon trade.
Silver’s rally in 2025 has been supported by supply shortages and demand from both investors and industry, Reuters reported. Industrial uses include solar panels and data centers, the Associated Press reported, a mix that can sharpen volatility when positioning shifts quickly.
Traders are now watching whether silver holds above $70, a round-number level that has come into focus after the run through $80. They are also bracing for how tighter margin requirements affect futures positioning once the new levels take effect after Monday’s close.
