NEW YORK, December 29, 2025, 10:30 ET
- Spot silver hit a record $83.62 an ounce on Monday before turning lower on profit-taking 1
- Silver-tracking funds SLV and PSLV were each down about 8% in late morning U.S. trade
- Investors are watching Fed minutes due Tuesday and shifting geopolitical signals that can swing safe-haven demand 1
Silver-backed funds slid on Monday after the metal reversed from fresh records. iShares Silver Trust (SLV) fell to about $65 and Sprott Physical Silver Trust (PSLV) traded below $24, each down about 8% by 10:18 a.m. ET, according to market data. 1
The move matters because silver’s surge has pulled more investors into exchange-traded vehicles that track bullion, compressing the trade into products that can swing sharply when the metal turns. SLV and PSLV are among the most widely used U.S.-listed routes for silver exposure without storing bars. 2
Traders were also reassessing safe-haven demand after weekend headlines and ahead of the Federal Reserve’s December meeting minutes due Tuesday, which investors will parse for clues on the 2026 interest-rate path. 1
Spot silver was down 5.1% at $75.15 an ounce by 8:21 a.m. ET, after touching an all-time high of $83.62 earlier in the session. 1
Gold slipped 1.7% to $4,455.35 an ounce in the same window, pulling back from Friday’s record high. Platinum and palladium also fell after hitting peaks. 1
“The price decline is mainly traders taking profits ahead of the year-end,” said Ricardo Evangelista, an analyst at ActivTrades, referring to gold’s pullback. 1
President Donald Trump said on Sunday he and Ukrainian President Volodymyr Zelenskiy were nearing an agreement to end the war in Ukraine, a development that traders said was one factor weighing on safe-haven buying. 1
Even after Monday’s slide, the broader run-up has been dramatic. Silver has gained about 181% so far in 2025, outpacing gold’s roughly 72% rise, supported by supply tightness and strong industrial and investor demand, Reuters reported. 1
SLV seeks to reflect the price of silver bullion and charges a 0.50% sponsor fee, iShares said. The trust reported about $38.0 billion of net assets as of Dec. 26. 2
PSLV is structured as a closed-end trust that holds fully allocated silver bars, Sprott said. Unlike many ETFs, closed-end funds can trade away from the value of the assets they hold. 3
Sprott’s pricing page showed PSLV ended Friday at $26.04 versus a net asset value of $27.20 — a 4.26% discount — with about 208.8 million ounces of silver held by the trust. 3
Net asset value, or NAV, is the per-share value of a fund’s underlying assets after expenses. A discount means investors are paying less than the stated value of the silver in the vehicle; a premium means they are paying more. 4
A rival physically backed product, the abrdn Physical Silver Shares ETF (SIVR), also fell about 8% in late morning trading.
The pullback follows a string of record highs late last week, including Friday’s jump above $77 an ounce. 5
With traders still pricing in two U.S. rate cuts next year, investors will look to Tuesday’s Fed minutes for any sign of a tougher stance that could pressure non-yielding metals and the silver funds that track them. 1
