New York, January 5, 2026, 09:56 EST — Regular session
- iShares Silver Trust (SLV) rose about 4.7% in early trade as spot silver jumped on safe-haven demand. 1
- Precious metals rallied after the U.S. capture of Venezuelan President Nicolas Maduro, Reuters reported. 1
- Investors are watching Friday’s U.S. non-farm payrolls report for fresh clues on Federal Reserve rate-cut expectations. 1
Shares of iShares Silver Trust, a silver-backed exchange-traded fund that trades like a stock, jumped 4.7% to $68.81 in early New York dealing. The fund’s intraday range ran from $67.61 to $69.68.
The move mattered because it put silver back in the driver’s seat after a choppy end to 2025, with geopolitical risk quickly bleeding into assets investors treat as refuges. “Safe-haven” buying is demand for assets traders use as shelter when headlines turn hostile. 1
It also landed as traders reset interest-rate bets for the new year. Precious metals do not pay interest, so expectations for lower rates can make them more attractive compared with cash or bonds. 1
Spot silver rose 3.6% to $75.25 an ounce, Reuters reported, after a weekend jolt from Washington’s move against Venezuela. The same report said the White House signaled it could escalate further if Caracas does not cooperate. 1
“This has increased demand for the safe-haven precious metal,” said Zain Vawda, an analyst at MarketPulse by OANDA, referring to the U.S.-Venezuela escalation. He said the episode added to uncertainties markets were already weighing. 1
Silver-linked equities moved in tandem. Global X Silver Miners ETF (SIL) rose 3.7%, while Pan American Silver gained about 2.9% and First Majestic Silver climbed about 5.3% in early trade.
Silver’s run-up has been steep. Reuters reported the metal gained 147% in 2025, helped by persistent supply deficits and a lift in both investor and industrial demand. 1
Some of that narrative traces back to Washington’s “critical minerals” list — a government roster of materials deemed important for economic and national security, which can shape policy focus. The U.S. Geological Survey’s final 2025 list added silver among new inclusions. 2
Technically, traders are still watching whether silver can close the gap to its Dec. 29 record of $83.62 an ounce, cited by Reuters, after Monday’s bounce. A retest would keep momentum traders active, while a stall could pull attention back to the rate story. 1
But the rally cuts both ways. If the Venezuela risk premium fades quickly — or if U.S. data pushes Treasury yields and the dollar higher — silver and silver-linked funds can give back gains fast after a year of outsized moves. 1
Next up is Friday’s December non-farm payrolls report — the closely watched U.S. jobs release — which traders use to refine bets on how soon and how far the Fed can cut rates in 2026. 1
