NEW YORK, December 30, 2025, 17:42 ET — After-hours
- iShares Silver Trust (SLV) rose about 4.5% in after-hours trading, tracking a rebound in silver prices.
- Spot silver rebounded after Monday’s record high near $84 an ounce and its sharpest daily drop since 2020. 1
- Traders are weighing tighter futures margins, Fed policy signals and geopolitical risk into year-end. 2
Shares of iShares Silver Trust (SLV), a silver-linked exchange-traded fund (ETF), were last up $2.99 at $68.98 in after-hours trading on Tuesday.
The move followed a bounce in silver prices after a violent, year-end swing that rattled positioning across precious metals. Spot silver hit a record $83.62 an ounce on Monday before registering its biggest daily drop since August 2020. 1
That matters now because tighter trading conditions can amplify moves in a market that has already been surging. CME said in a clearing advisory that updated “performance bond” (margin) requirements — the cash collateral traders must post to hold futures positions — would be effective after the close of business on Dec. 29. 2
Spot silver was last up 5.4% at $76.20 an ounce, Reuters reported, recovering part of the prior session’s losses as investors refocused on economic and geopolitical risks. 3
“We saw very extreme volatility yesterday… but things have stabilised somewhat today,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. 4
SLV traded between $67.20 and $70.75 during the session, with about 115 million shares changing hands, according to market data.
Silver miners moved in step with the metal. Pan American Silver was last up about 0.8%, while First Majestic Silver gained about 1.4% in late trading.
Investors also parsed fresh signals from the Federal Reserve. Minutes from the Fed’s December meeting showed deep divisions among policymakers, while the central bank’s next meeting is scheduled for Jan. 27-28 and markets expect rates to hold steady. 3
Geopolitics stayed in the frame. Grant cited elevated risk measures, and Reuters reported Russia accused Ukraine of trying to attack President Vladimir Putin’s residence, a claim Kyiv denied. 4
Silver’s longer-run backdrop remains a key part of the trade. The metal has surged about 168% in 2025, helped by its inclusion on the U.S. critical minerals list alongside supply deficits and growing industrial and investor appetite, Reuters reported. 4
For traders, the next question is whether silver’s rebound can hold as year-end liquidity returns and margin changes filter through futures positioning. Reuters has cited holiday-thinned trading and profit-taking as drivers of the latest swings. 3
For SLV holders, that leaves silver’s next leg tied to the same levers that have dominated the tape: the path of U.S. rates, the dollar and any renewed shocks from geopolitics.
