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.
- Spot silver swung sharply on Monday, pulling back to $75.47 after hitting a record $83.62 and briefly topping $80.
- Investors are watching Tuesday’s Federal Reserve meeting minutes for clues on how fast rate cuts could come in 2026.
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.
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.
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.
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.
“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.
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.
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.
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.
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.
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.
