NEW YORK, Jan 4, 2026, 12:32 ET — Market closed
- iShares Silver Trust (SLV) closed Friday at $65.75, up 2.1%, tracking a rebound in silver.
- Spot silver rose about 1.6% on Friday, with traders still focused on Fed rate-cut expectations and geopolitical risk.
- A U.S. jobs report due Jan. 9 and a commodity index rebalance Jan. 8–14 are next tests for positioning.
iShares Silver Trust (SLV), a silver-backed exchange-traded fund that tracks bullion prices, ended Friday at $65.75, up 2.06%, as precious metals opened 2026 on firmer footing.
The move matters because silver has become a high-volatility macro trade after a record 2025 run, with price action increasingly tied to U.S. rate expectations and the dollar. Reuters reported silver rose more than 147% in 2025, supported by supply constraints and strong industrial and investment demand.
On Friday, spot silver rose 1.6% to $72.39 an ounce and spot gold gained 0.36% to $4,329.57, even as the dollar firmed and U.S. Treasury yields moved higher, Reuters reported.
For SLV investors, the gap between the fund’s trading price and the metal it holds has stayed in focus. iShares reported SLV’s net asset value (NAV) at $67.28 on Jan. 2, versus a closing market price of $65.75, leaving the fund at a roughly 2.25% discount to NAV.
“We are continuing to see the market talk about cuts in March and maybe another cut later this year,” Bart Melek, global head of commodity strategy at TD Securities, said, citing tariff risks and U.S. debt concerns as factors supporting precious metals. Reuters
Rate-cut timing remains the swing factor. Philadelphia Fed President Anna Paulson said on Saturday that additional cuts may not come soon as policymakers assess inflation and the labor market, Reuters reported.
But silver’s outsized gains leave it vulnerable to forced selling if yields rise or if traders unwind leverage. J.P. Morgan analysts said the Bloomberg Commodity Index rebalancing window of Jan. 8–14 could drive about $3.8 billion of silver futures selling, Barron’s reported.
Chart levels are also on traders’ screens heading into the new week. Investing.com data showed COMEX silver futures around $71.30 late Friday, with a classic pivot level near $71.91 and first resistance around $72.43—levels traders often use as shorthand for support and resistance.
Flows into physical-backed vehicles are another tell on demand. iShares reported the trust held about 528.7 million ounces of silver as of Jan. 2, making SLV one of the main conduits for investor positioning.
The next catalyst is Friday’s U.S. Employment Situation report for December, due at 8:30 a.m. ET on Jan. 9, followed later in the month by the Fed’s Jan. 27–28 meeting—events that could reset rate expectations and, by extension, the bid under silver.
