New York, Jan 14, 2026, 13:47 EST — Regular session
iShares Silver Trust (SLV) shares jumped roughly 5.4% to $82.88 in Wednesday afternoon trading in New York, tracking silver’s surge past $90 an ounce. Hecla Mining (HL) slipped 1.9%, while First Majestic Silver (AG) and Pan American Silver (PAAS) gave back some earlier gains. 1
Spot silver surged past $90 an ounce for the first time, boosted by weaker U.S. inflation data that reinforced bets on Federal Reserve rate cuts. Geopolitical tensions and shrinking inventories also pushed prices higher. Metals usually benefit from lower rates and declining real yields since they don’t pay interest. 1
Silver jumped 5.6% to $91.797 an ounce by 11:08 a.m. ET, having hit a record high of $92.23. Gold also pushed to a new peak, Reuters reported. “All roads are leading to gold and silver,” said Alex Ebkarian, chief operating officer at Allegiance Gold, who sees silver trading between $100 and $144 in the short term. 2
U.S. Treasury yields dipped and the dollar weakened following data that showed retail sales climbed 0.6% in November, while producer prices edged up 0.2%. These figures, delayed by the government shutdown, added fresh noise to the inflation and demand picture. The Fed is widely expected to keep its benchmark rate steady at its late-January meeting, Reuters reported. 3
The buying spree spilled beyond precious metals. Gold, silver, and copper surged to fresh highs amid rising tensions, the Financial Times reported. Traders pegged the rally to geopolitical strains and concerns over policy and trade. 4
Fed chatter has resurfaced. Philadelphia Fed President Anna Paulson suggested more rate cuts might be on the table later this year if inflation keeps easing and the labor market holds steady. She described her baseline outlook as “pretty benign.” 5
Silver-linked equities, however, can lag even as the metal surges. Unlike spot prices, miners face operational and financing challenges. Sharp jumps in bullion often trigger quick profit-taking in these stocks.
The risk for bulls is clear: should yields bounce back or Fed officials dampen easing hopes, silver could slip fast, particularly near key round numbers like $90. A slowdown in industrial demand would only tighten the squeeze, given silver’s role in manufacturing.
Traders are eyeing Thursday’s weekly U.S. initial jobless claims and the Fed’s policy meeting set for Jan. 27-28. Markets want fresh insights on whether rate cuts are coming, or if they’re still off the table. 6
