NEW YORK, January 2, 2026, 10:04 ET — Regular session
- iShares Silver Trust (SLV) rose about 4% in morning trade, tracking gains in silver.
- Spot silver was up more than 3% after a volatile year-end and fresh New Year buying.
- Traders are watching next week’s U.S. jobs and inflation data for clues on Fed rate-cut timing.
iShares Silver Trust (SLV) rose $2.57, or 4.0%, to $66.99 in morning New York trading on Friday, the first U.S. session of 2026.
Spot silver was up 3.4% earlier on Friday after hitting an all-time high of $83.62 on Monday, Reuters reported. “Bulls seem to be drawing strength from geopolitical risk and hopes of lower U.S. rates,” said Lukman Otunuga, senior research analyst at FXTM. Investors are pricing in at least two quarter-point Fed rate cuts this year, Reuters said, and the metal’s record 2025 gain was fueled by its designation as a critical U.S. mineral, supply shortages and low inventories amid rising industrial and investment demand — even after a CME margin hike sparked year-end volatility. Reuters
That matters for equity markets because silver’s rally has pulled investors into silver ETFs and into miners whose earnings are highly sensitive to the metal price. Silver’s industrial component can also magnify moves when rates, the dollar and risk appetite swing.
The silver spot price was $74.63 per ounce at 9:52 a.m. ET, up $2.31, or 3.16%, Bullion.com data showed.
Sprott Physical Silver Trust (PSLV) rose 4.0% to $24.59. Among U.S.-listed silver miners, First Majestic Silver (AG) climbed 1.8%, Pan American Silver (PAAS) gained 1.2% and Hecla Mining (HL) added 1.3%.
Margin requirements are the cash deposits traders must post to keep leveraged futures positions open. When margins rise, some traders are forced to reduce exposure, which can accelerate a sell-off and widen intraday swings.
Tim Waterer, chief market analyst at KCM Trade, said demand for metals looked solid across industrial and retail buyers, with investor positioning supported by expectations for lower U.S. rates in 2026.
Silver and other bullion assets pay no interest, so they often benefit when interest rates and bond yields fall. Higher yields can make cash and bonds more attractive by comparison.
Traders will get fresh clues next week from the U.S. employment report on Jan. 9 and December consumer inflation figures on Jan. 13, both key inputs for Fed expectations.
After the steep run-up into year-end, investors are watching whether silver can hold above $70 an ounce — a psychological level that often attracts both profit-taking and dip-buying. Another push toward the recent record would test how much leverage is still in the market.
For now, silver traders are balancing rate-cut hopes and tight supply against the risk of another margin-driven shakeout. The metal’s next move will likely hinge on whether U.S. data reinforce the lower-rates narrative.
