NEW YORK, December 30, 2025, 10:01 ET — Regular session
- Silver-linked ETFs and miners rose as the metal bounced off Monday’s sharp reversal.
- CME margin changes, China’s export authorizations and Fed minutes are the next catalysts for a market trading on thin year-end liquidity.
Shares of the iShares Silver Trust rose 3.5% in early U.S. trading on Tuesday, tracking a rebound in silver prices after a violent pullback from record highs.
The move matters now because silver’s year-end surge has come with outsized swings that can force fast position changes in futures, ETFs and mining stocks.
Investors are also adjusting to policy-driven supply and trading frictions at the same time, from tighter export administration in China to higher cash requirements for leveraged futures trades.
Spot silver was up 5.7% at $76.34 an ounce, while CME Group raised the initial margin requirement on COMEX silver futures by 13.6% to $25,000 per contract from $22,000, Reuters reported. The Federal Reserve is due to release minutes from its December meeting at 2 p.m. ET, with traders pricing in two rate cuts next year.
A margin requirement is a security deposit. When an exchange raises it, traders need more cash to keep positions open, which can accelerate selling during volatile sessions.
On Monday, silver shed 9.5% to $71.66 after touching a record $83.62 earlier in the session. “I believe that the underlying fundamentals of (silver) supply constraints remain factors in the market and we still have positive prospects going into 2026,” said David Meger, director of metals trading at High Ridge Futures. Reuters
U.S.-listed silver and precious-metals names tracked the bounce. First Majestic Silver rose 0.8%, Pan American Silver gained 0.9% and Wheaton Precious Metals added 0.7%, while SPDR Gold Shares was up 0.8%.
Fund data underscored how crowded the trade has become. BlackRock’s iShares page showed the trust held 524.25 million ounces of silver, or 16,305.96 tonnes, as of Dec. 29, when SLV’s daily trading volume hit 153.2 million shares.
The dollar remains a key swing factor for precious metals. The dollar index was headed for a 9.6% annual drop — its steepest fall in eight years — as rate-cut bets and fiscal concerns weighed on the greenback.
On the supply side, China’s commerce ministry said 44 companies will be allowed to export silver in 2026 and 2027, part of a broader wave of controls on critical minerals. The export list was two companies longer than in 2025, Reuters reported.
Industrial demand is another pillar of the rally. The Associated Press cited rising usage in areas such as solar panels and data centers alongside slowing mine production as silver prices pushed to multi-decade highs in 2025.
Traders now turn to the Fed minutes and how the dollar and yields react, while watching for any further exchange moves on margins or signs of strain in thin year-end liquidity.
For silver-linked stocks, the next test is whether the rebound holds once the policy headlines fade and positioning resets into January — or whether volatility stays the story into 2026.
