New York, January 13, 2026, 17:04 EST — After-hours
- Silver hit new highs, sending SLV higher in after-hours trading.
- U.S. inflation figures and uncertainty over the Fed’s next moves kept precious metals under the microscope.
- A change to CME’s margin method and a forecast from Citi stirred the action.
Silver hit another peak Tuesday, with silver-related stocks gaining after the U.S. market closed. The iShares Silver Trust (SLV) rose roughly 1.8% in after-hours trading. Spot silver hovered near $86.94 an ounce, marking a 2.1% increase on the day after briefly reaching $89.13, according to .
The shift is significant as the silver rally extends beyond futures into equity positions, with traders increasingly using metal exposure as a hedge. “Elevated uncertainty plays directly into the gold market,” Societe Generale’s Michael Haigh noted Monday, amid growing safe-haven demand tied to a Trump administration criminal probe into Federal Reserve Chair Jerome Powell. Reuters
A U.S. inflation report released Tuesday reignited the debate over interest rates. The Consumer Price Index climbed 0.3% in December, with the core reading up 0.2%, keeping core inflation steady at 2.6% year-on-year. Following the data, Treasury yields dropped, while the dollar strengthened against a basket of currencies, Reuters reported.
Silver often moves fast when rate expectations change, since it doesn’t yield interest and still trades against the dollar, even when that link gets volatile day-to-day. Plus, its industrial use—especially in electronics and clean-energy supply chains—means it’s less a straightforward “fear trade” than gold.
Silver miners showed a mixed picture after the bell. Global X Silver Miners ETF (SIL) edged up roughly 0.5%. Pan American Silver ticked higher by around 0.4%, and Wheaton Precious Metals climbed about 1.9%. On the downside, First Majestic Silver dropped near 1.8%, with Hecla Mining down about 0.6%.
Futures traders are now focused on upcoming rule changes as volatility surges. CME Clearing announced it will switch margin calculations for gold, silver, platinum, and palladium to a percentage-of-notional method, moving away from fixed dollar amounts. Margins represent the cash deposits traders must post to cover possible losses.
Citi raised its 0–3 month silver target to $100 an ounce in a note Tuesday, pointing to “heightened geopolitical risks, ongoing physical market shortages, and renewed uncertainty on Fed independence.” The bank also highlighted “binary” risks tied to U.S. Critical Minerals Section 232 tariff decisions — a national-security trade law that can trigger import restrictions — warning that trade flows could shift dramatically once policy clears up. Investing.com Australia
Some analysts remain bullish, though they acknowledge bumps ahead. Independent precious-metals expert Ross Norman noted that “real assets come to the fore.” ANZ strategist Soni Kumari suggested silver might climb toward $90 an ounce soon. HSBC, meanwhile, set a $58–$88 range for 2026 but flagged a possible correction later this year if supply tightness eases. Reuters
Silver’s trading feels like a packed room right now: wide swings during the day, quick retreats, then fresh climbs. This has SLV and mining stocks jittery, reacting to headlines that shift risk appetite, not just the metal’s basics.
The downside is straightforward. A stronger dollar, an abrupt change in Fed messaging, or stricter collateral rules in futures could push leveraged traders to slash positions fast. Silver’s volatility works against holders when the selling kicks in.
Traders will be eyeing if silver can stay above its recent breakout zone in the upcoming session, while also seeing if miners begin to follow the metal more closely instead of swaying with stock-market noise. The Powell probe and tariff news continue to add uncertainty.
Wednesday’s U.S. producer price index report, due out at 8:30 a.m. ET, is the next key data point. It offers another inflation snapshot ahead of the Fed’s January 27–28 meeting.
