NEW YORK, Jan 12, 2026, 07:01 EST — Premarket trading underway.
- Before the opening bell, SLV climbed roughly 3.8% following a strong overnight rally in silver.
- Spot silver climbed past $84 an ounce, hitting a new high as investors sought safety amid U.S. central bank news.
- Traders are now eyeing Tuesday’s U.S. CPI report, a crucial factor shaping rate and dollar expectations.
Shares of iShares Silver Trust, the silver-backed ETF known by the ticker SLV, jumped 3.8% to $72.38 in premarket action Monday. On Friday, the fund closed at $69.71.
Spot silver jumped 5.5% to $84.32 an ounce, hitting a record high of $84.60, Reuters reported. The move came as investors sought safe havens amid threats from the Trump administration to indict Federal Reserve Chair Jerome Powell. “The path is open toward $90 and potentially $100 per ounce if the industrial squeeze tightens,” said Zain Vawda, an analyst at MarketPulse by OANDA. (Reuters)
The shift comes right before Tuesday’s 8:30 a.m. ET release of the U.S. consumer price index for December. Inflation data that deviates from expectations can quickly alter rate-cut bets, rattling the dollar and bond yields—and often sending ripples through precious metals markets. (Bureau of Labor Statistics)
The iShares Silver Trust aims to track silver prices, providing investors a way to gain bullion exposure without handling physical bars or coins. It’s a straightforward play, though it can be volatile when big macroeconomic news drops. (BlackRock)
Other silver vehicles pushed higher in early trade. abrdn Physical Silver Shares (SIVR) jumped roughly 3.8%, matching gains in Sprott Physical Silver Trust (PSLV). Miners also rallied: First Majestic Silver surged 5.6%, Pan American Silver was up 2.2%. Meanwhile, SPDR Gold Shares (GLD) nudged 0.7% higher.
Broader markets showed signs of unease. Wall Street index futures dropped roughly 0.7% amid concerns over the administration’s push on the Fed and a plan to cap credit card interest rates for a year, hitting financial stocks, Reuters reported. (Reuters)
Big banks kick off earnings season on Tuesday, while silver traders keep a close eye on the rate outlook. Goldman Sachs’ chief economist Jan Hatzius told Reuters that the Powell probe has heightened concerns over Fed independence. Still, he expects the central bank to base its moves “on the economic data.” (Reuters)
Silver straddles two worlds. It moves with gold when investors seek safety, but flips to acting like an industrial metal amid concerns over growth or tight supplies.
The split carries its own risk. Should Tuesday’s CPI come in hot, yields might spike and the dollar strengthen, denting appetite for metals that don’t pay yield; meanwhile, any softer tone from Powell could take the shine off the safe-haven trade.
Attention is squarely on Tuesday’s CPI data, due at 8:30 a.m. ET, followed by the Fed’s policy meeting on Jan. 27-28. (Federalreserve)
