New York, January 7, 2026, 17:33 EST — After-hours
- iShares Silver Trust (SLV) fell about 3.7% after the bell, tracking a sharp drop in spot silver.
- Silver miners including First Majestic, Pan American and Hecla also slid, amplifying the metal’s move.
- Focus turns to Friday’s U.S. payrolls report and near-term commodity index rebalancing flows.
The iShares Silver Trust (SLV), a closely watched proxy for the silver price, fell about 3.7% in after-hours trading on Wednesday as silver pulled back, dragging U.S.-listed silver miners lower.
The setback matters because silver’s rally has been a crowded trade and the instruments tied closest to spot prices tend to swing hardest when positioning shifts. When the metal turns, miners often move more than the underlying commodity, for better or worse.
Traders are also staring at the U.S. data calendar again. Silver is a non-yielding asset — it does not pay interest — so shifts in rate expectations and the dollar can hit it quickly, sometimes in the same hour.
Spot silver was down 4.1% at $77.93 an ounce by 1:36 p.m. ET, Reuters reported. “We’re viewing today’s pullback as general profit taking after that recent surge,” said David Meger, director of metals trading at High Ridge Futures; he pointed to softer employment data supporting rate-cut bets into Friday’s nonfarm payrolls report, while HSBC raised its 2026 average silver forecast and Goldman Sachs warned thin London inventories can fuel sharp, squeeze-led swings that later reverse. Reuters
SLV was last at $70.96, while First Majestic Silver fell 4.2% to $17.94, Pan American Silver slipped 3.9% to $53.35 and Hecla Mining dropped 4.1% to $21.37.
According to iShares, the trust held about 518.2 million ounces of silver as of Jan. 6 and had about 571.0 million shares outstanding as of Jan. 7. The sponsor says the trust seeks to reflect the price of silver bullion and pays no distributions. BlackRock
Flows are another wildcard. J.P. Morgan analysts led by Gregory Shearer estimated the Bloomberg Commodity Index’s January reweighting — scheduled from Jan. 8 to Jan. 14 — could force roughly $3.8 billion of silver futures selling, Barron’s reported. Barron’s
Next up for the miners is earnings season: Nasdaq data show First Majestic is estimated to report on Feb. 19, Pan American on Feb. 18 and Hecla on Feb. 12. Hecla has also slated an investor day in New York on Jan. 26, according to a company statement carried by Barchart. Barchart.com
But the silver trade has been jumpy and the downside can get ugly if the dollar firms and real yields rise at the same time. If industrial demand cools or physical availability loosens, the same leverage that helped miners on the way up can work against them.
The next hard catalyst is Friday’s U.S. Employment Situation report for December, due at 8:30 a.m. ET, a release that often jolts the dollar and Treasury yields — and by extension precious metals — in minutes. Bls
