New York, January 12, 2026, 12:36 EST — Regular session
- iShares Silver Trust (SLV) jumped roughly 7.6% by midday, mirroring a steep rise in spot silver prices
- Silver surged to a new high as investors flocked to haven assets amid uncertainty surrounding the U.S. central bank
- Tuesday’s U.S. CPI report is shaping up as the next key trigger for market moves
Shares of iShares Silver Trust, a top proxy for silver prices, surged roughly 7.6% Monday as the metal hit fresh highs.
Silver rallied as investors turned to precious metals amid growing doubts over the U.S. Federal Reserve’s independence. Michael Haigh, global head of commodities research at Societe Generale, noted, “Elevated uncertainty plays directly into the gold market,” and suggested this environment is “unlikely to reverse anytime soon.” 1
The dollar lost ground as markets processed news on Fed Chair Jerome Powell, sliding from recent peaks. The dollar index dropped 0.2% to 99.011, according to Reuters. 2
“The key issue is that the central bank’s response function would likely shift dramatically” if the White House manages to take control of monetary policy, said Thu Lan Nguyen, head of forex and commodity research at Commerzbank. 3
Spot silver jumped to about $86 an ounce, climbing sharply from its previous close near $80, according to Investing.com data. 4
Gold climbed to new highs, with investors factoring in the chance that political pressure might push policy toward easing rates, the Financial Times reported. 5
Silver-linked miners tracked the metal’s rise. First Majestic Silver jumped roughly 8.1%, Hecla Mining climbed close to 9.0%, and Pan American Silver edged up about 3.6%. Wheaton Precious Metals also ticked higher by roughly 3.6%.
Sprott Physical Silver Trust, a bullion-backed fund, jumped roughly 7.0% during the session.
On the futures market, the March 2026 silver contract climbed over 6% intraday, according to CME data. 6
The next major hurdle: U.S. inflation figures. The December consumer price index is set for release at 8:30 a.m. ET Tuesday, per the U.S. Bureau of Labor Statistics schedule. 7
Later this week, look for U.S. producer prices and retail sales data. These releases have the potential to alter rate expectations—and with them, appetite for non-yielding assets like precious metals, S&P Global Market Intelligence pointed out in its week-ahead preview. 8
But the move goes both ways. A hotter-than-expected CPI could send yields climbing, boost the dollar, and spark profit-taking in a market that’s already moved quickly and grown crowded.
When it comes to stocks, the underlying setup is just as crucial as the price itself. SLV is supported by physical silver stored in trust; as of Jan. 9, iShares reported holding 16,308.48 tonnes in that trust. 9
Traders are also eyeing key U.S. inflation data due late this month, beyond Tuesday’s CPI. The BEA announced that delayed PCE inflation figures for October and November will drop on Jan. 22, pushed back by government shutdown disruptions. 10
