New York, Jan 6, 2026, 10:08 EST — Regular session
- iShares Silver Trust (SLV) rises about 4.8% as silver extends a two-day rally
- Silver miners also gain in early trade, tracking the metal’s move
- Traders focus on U.S. jobs data on Friday and further Venezuela headlines
Shares of the iShares Silver Trust (SLV), a popular proxy for the silver price, rose about 4.8% to $72.40 in morning trading on Tuesday. Silver-linked equities also climbed, with First Majestic Silver up about 4.7%, Pan American Silver up about 3.0%, and the Amplify Junior Silver Miners ETF up about 3.2%.
Spot silver — the price for immediate delivery — gained 2.4% to $78.31 an ounce, supported by renewed safe-haven demand and easing-rate expectations. ActivTrades analyst Ricardo Evangelista said precious metals were “supported by increased safe-haven demand amid heightened geopolitical uncertainty following weekend events in Venezuela, as well as by rising bets on Federal Reserve rate cuts.” 1
The move follows a sharp rally on Monday after U.S. strikes in Venezuela drove investors toward defensive assets. “The situation around Venezuela has clearly reactivated safe-haven demand, but it comes on top of existing concerns about geopolitics, energy supply and monetary policy,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. 2
Supply concerns are also in focus as the rally pulls more money toward the silver complex. Morgan Stanley said in a note dated Jan. 5 that China’s export licence requirements, which took effect at the start of 2026, added “upside risk for silver” after a structural market deficit last year. 3
SLV is physically backed and aims to track the silver price, less expenses, by holding silver bullion in vaults. The trust held 16,353.60 tonnes of silver as of Jan. 5 and closed on Monday at $69.08, iShares data showed. 4
Mining shares often move more than the metal because their earnings are tied to operating costs as well as price. That can magnify gains on strong days — and deepen losses if silver retreats.
But the rally leaves little room for disappointment if macro data shifts the rate outlook. A stronger U.S. dollar or higher Treasury yields tend to weigh on non-yielding assets such as silver, and fast profit-taking has been a feature of recent trade.
Traders will next watch Friday’s U.S. nonfarm payrolls report for clues on the Fed path, alongside any escalation or de-escalation in Venezuela that could sway risk appetite.
