NEW YORK, December 29, 2025, 01:03 ET — Market closed.
- Sprott Physical Silver Trust (PSLV) last closed at $26.04, up 8.68% in the latest session. [1]
- Spot silver was last up 0.7% at $79.68 an ounce after touching a record $83.62. [2]
- Traders are watching Fed policy signals and geopolitics after a sharp, volatile run in precious metals. [3]
Sprott Physical Silver Trust closed Friday at $26.04, up 8.68%, as silver pushed deeper into record territory. [4]
The move matters because PSLV is designed to give investors exchange-traded exposure to physical silver, so big swings in the metal tend to show up quickly in the trust’s units. Sprott says the trust holds fully allocated London Good Delivery silver bars. [5]
Spot silver was up 0.7% at $79.68 an ounce early Monday after retreating from an all-time high of $83.62 hit earlier in the session, Reuters reported. [6]
“A continuation of robust industrial appetite paired with supply shortages could have silver primed for a run towards $100 in 2026,” said Tim Waterer, chief market analyst at KCM Trade. [7]
Rate expectations are central to the trade because silver, like gold, does not pay interest; lower expected rates can make non-yielding assets relatively more attractive. [8]
PSLV traded between $24.65 and $26.07 in the latest session, with volume around 24.5 million units, according to market data. [9]
Other silver-linked funds also surged in the same session, with iShares Silver Trust (SLV) closing at $71.12 and abrdn Physical Silver Shares ETF (SIVR) ending at $74.66. [10]
Precious metals eased from their peaks as traders took profits and as geopolitical risk premium cooled, including after U.S. President Donald Trump said he and Ukrainian President Volodymyr Zelenskiy were “getting a lot closer” to an agreement to end the war in Ukraine, Reuters reported. [11]
Silver has gained 181% year-to-date, propelled by supply constraints and low inventories amid rising industrial and investment demand, Reuters reported. [12]
Because PSLV is a closed-end trust, its units can trade away from the value of the underlying bullion. Sprott describes that gap as the premium or discount to net asset value (NAV), which is the per-unit value of the trust’s holdings. [13]
Before the next U.S. session, traders’ first check will be whether spot silver can hold the $80 level after Monday’s spike and pullback. [14]
The next macro catalysts include the Federal Reserve’s December meeting minutes and key U.S. labor data, as investors look for confirmation of rate-cut expectations. [15]
On the chart, PSLV’s Friday high near $26.07 is an immediate reference point after the run-up, while the prior close at $23.96 marks the level the trust broke above before the latest surge. [16]
For now, PSLV remains a liquid proxy for the metal itself, leaving investors focused less on company-specific news and more on silver’s next move as rates, geopolitics and industrial demand collide. [17]
References
1. www.wsj.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.wsj.com, 5. sprott.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. finance.yahoo.com, 10. www.blackrock.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.sprottusa.com, 14. www.reuters.com, 15. www.reuters.com, 16. finance.yahoo.com, 17. sprott.com
