New York, January 9, 2026, 10:09 EST — Regular session
- iShares Silver Trust (SLV) picked up roughly 3% in the morning, with silver holding its ground after previous volatile moves.
- Traders stayed on edge, eyeing both U.S. jobs numbers and the impact from commodity-index rebalancing flows.
- Attention turns toward U.S. CPI set for Jan. 13, with the Fed’s late January meeting also on traders’ radar.
iShares Silver Trust shares jumped roughly 3.2% to $71.94 in Friday morning trading in New York, moving higher as silver prices strengthened. Other silver-related names saw gains as well—Global X Silver Miners ETF added around 1.5%, while First Majestic Silver climbed approximately 4.7%.
Silver’s rebound is turning heads, after days of volatility driven by big rules-based trades and more investors rethinking U.S. rates. The annual “reshuffle” for the Bloomberg Commodity Index—known to prompt forced buying and selling of futures—has been cranking up the heat. Spot silver fell 3.2% to $75.64 an ounce on Thursday. “There’s just going to be pressure for the next few sessions on gold and silver while that commodity index readjusts,” said Bob Haberkorn, senior market strategist at RJO Futures, according to Reuters.
Spot silver jumped back on Friday, gaining 1.4% to $77.97 per ounce and heading for a weekly advance topping 7%, according to Reuters. Lukman Otunuga, senior research analyst at FXTM, pointed to lingering “bullish themes” behind the move. He said “silver bulls could be eyeing $100,” though he noted the stronger dollar was limiting gains.
The latest Labor Department report threw another twist into the rate outlook, with U.S. payrolls rising by 50,000 in December—short of the 60,000 economists had penciled in. The unemployment rate, meanwhile, slipped to 4.4%. That’s enough to keep bets firm that the Fed pauses rates for now after December’s cut, according to Reuters.
Fed Governor Stephen Miran, wrapping up his term this month, threw his estimate into the rate-cut conversation Thursday. Miran said he sees about 150 basis points—1.50 percentage points—of easing in this year. Precious metals often get a lift when rates drop, since they don’t pay interest. Still, Miran noted, the direction of policy remains up in the air. (https://www.reuters.com/business/feds-miran-says-hes-looking-rate-cut-150-basis-points-this-year-2026-01-08/)
SLV aims to mirror silver’s price by storing the metal itself in a trust. As of Jan. 8, iShares reported the trust was holding 16,215.43 tonnes of silver, while shares closed at $69.71. The fund had 575.05 million shares outstanding, according to BlackRock.
Still, the drivers boosting silver can just as quickly shift against it. Should the dollar rebound or yields climb, or if index flows remain strong heading into the new week, volatility could pick up and SLV might shed its recent gains in a hurry.
Looking ahead, the December U.S. consumer price index lands Jan. 13 at 8:30 a.m. ET, giving traders something to chew on before the Fed’s next policy gathering set for Jan. 27–28, according to the Bureau of Labor Statistics.
