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.” Reuters
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. Reuters
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. Reuters
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.
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.
