New York, Jan 15, 2026, 06:09 ET — Premarket
- SLV slipped roughly 2.5% in premarket, reversing a sharp surge seen at Wednesday’s close.
- After a wild two-day surge, spot silver retreated from its latest record high.
- Next up are U.S. jobless claims and import/export prices, key data points to watch closely.
iShares Silver Trust (SLV) dipped 2.5% in premarket trading Thursday, sliding to $82.44. The fund had closed Wednesday at $84.56, marking a 7.6% gain for the day. 1
Silver’s early drop came after a surge to a record $93.57 an ounce, before easing roughly 3% down to $89.97 as traders cashed in gains. Ole Hansen, Saxo Bank’s head of commodity strategy, linked the pullback to a calmer geopolitical mood around Iran and Washington’s decision to delay tariffs on key minerals, factors that had boosted the metal’s appeal in the U.S. 2
Silver has emerged as a quick macro play this week, shifting with moves in the U.S. rate outlook and headline risks. U.S. core consumer prices rose 0.2% in December and 2.6% year-over-year, cooler than expected, pushing traders toward bets on rate cuts. “Benign CPI data” boosted the chances of Fed easing, said David Meger, director of metals trading at High Ridge Futures. To manage the volatility, CME Group announced it will adjust margin requirements for precious metals. 3
Wednesday’s rally spread widely. Spot silver climbed 5.2% to $91.46, even hitting $92.23, while gold pushed to a new record high. Alex Ebkarian, COO at Allegiance Gold, remarked that “all roads are leading to gold and silver,” projecting silver could reach between $100 and $144 in the near term. 4
SLV aims to mirror the daily price changes of silver bullion, minus fees, by holding physical silver instead of mining stocks. As of Jan. 14, the trust reported holdings of 16,242.22 tonnes, per its fund facts. 5
Early moves in silver-linked miners showed mixed results. First Majestic Silver held steady, Pan American Silver ticked up slightly, while Hecla Mining slipped in recent trading.
U.S. data coming in the next few hours could shift rate expectations once more. Thursday at 8:30 a.m. ET will see the release of weekly jobless claims, as noted by the Labor Department’s calendar. At the same time, the Bureau of Labor Statistics will publish November’s import and export price indexes. 6
Silver, however, can swing sharply with little provocation. If safe-haven interest wanes more, or if traders grow skeptical about imminent rate cuts, the metal could reverse swiftly — sending SLV to gap in premarket, where thinner liquidity often amplifies price moves.
Investors are already turning their attention beyond today’s data to the Federal Reserve’s policy meeting on Jan. 27-28 and the press conference on Jan. 28, events that will set the tone for the next phase of rate expectations. 7
For SLV, the key question now is if silver can hold its ground following the overnight record and subsequent pullback, or if profit-taking will accelerate ahead of the cash market open. The next major event to watch is Thursday’s 8:30 a.m. ET data release, with the Fed’s Jan. 27-28 meeting coming up later this month.
