NEW YORK, December 29, 2025, 03:35 ET — Market closed
- Sprott Physical Silver Trust closed Friday at $26.04, up $2.08, or about 8.7%, from its previous close. Sprott
- Spot silver swung sharply on Monday, pulling back to $75.47 after hitting a record $83.62 and briefly topping $80. Reuters
- Investors are watching Tuesday’s Federal Reserve meeting minutes for clues on how fast rate cuts could come in 2026. Reuters+1
Sprott Physical Silver Trust surged in the last U.S. session, closing Friday up about 8.7% at $26.04 as silver’s rally pushed the metal into fresh record territory. Sprott+1
The trust is a popular proxy for silver in stock portfolios, and the metal’s violent swings are forcing investors to reassess how much upside is left after a breakout above $80 an ounce. Reuters+1
The timing matters because silver has become one of the standout trades of 2025, and year-end positioning has amplified price moves across precious metals as traders weigh geopolitics against interest-rate expectations. Reuters+1
Spot silver — the cash price for immediate delivery — was up 4.6% at $75.47 an ounce in early Monday trading, after retreating from an all-time high of $83.62 hit earlier in the session, Reuters reported. Reuters
“A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot,” said Tim Waterer, chief market analyst at KCM Trade. Reuters
Sprott’s trust is a closed-end vehicle that holds fully allocated physical silver bars, offering exchange-traded exposure to bullion rather than shares of mining companies. Sprott
Because it is closed-end, the units can trade away from net asset value, or NAV — the per-unit value of the underlying silver after expenses. Sprott’s data showed PSLV ended Friday at a roughly 4.26% discount to its NAV of $27.20. Sprott
The trust held about 208.8 million ounces of silver with total net asset value around $16.61 billion, according to Sprott’s pricing page. Sprott
Other silver-backed products rallied alongside PSLV into the holiday weekend: iShares Silver Trust rose about 9% and abrdn Physical Silver Shares ETF gained roughly 9% in the last U.S. session.
Silver has gained about 181% year-to-date, outpacing gold, with Reuters citing supply constraints, low inventories and rising industrial and investment demand as key supports. Reuters
Rate-cut expectations have also helped, since precious metals are “non-yielding” assets — they pay no interest — making them more attractive when investors expect lower rates. Traders are awaiting the Fed’s December meeting minutes for fresh policy signals. Reuters+1
Before the opening bell, investors will be watching whether silver can stabilize after its break above $80 and the subsequent pullback, and whether the dollar remains under pressure as markets price in easing next year. Reuters+1
For PSLV, traders will also watch Friday’s range — $24.50 to $26.34 — and whether the trust’s discount to NAV narrows or widens as bullion volatility filters into U.S. trading later Monday. Sprott
