New York, Jan 6, 2026, 13:43 (EST) — Regular session
- SLV rose about 6% in afternoon New York trade, tracking a sharp move higher in silver
- Safe-haven demand strengthened after the U.S. captured Venezuela’s Maduro; rate-cut bets added support
- Traders are watching Friday’s U.S. jobs report for the next catalyst
Shares of iShares Silver Trust (SLV) rose 6.3% to $73.44 in afternoon trade on Tuesday as silver prices pushed higher. Silver miner First Majestic Silver gained 7.9%, while Pan American Silver and Wheaton Precious Metals were up about 4.0% and 3.6%, respectively. SLV hit $73.83 and had traded about 70 million shares by early afternoon.
The move matters because silver is trading on macro headlines again, not corporate results. The metal straddles two roles — a haven in crises and an industrial input — which can amplify swings when investors reprice growth and interest rates.
Spot silver — the cash price for immediate delivery — was up 5.3% at $80.57 an ounce earlier on Tuesday, after the United States captured Venezuelan President Nicolas Maduro and took him to New York, where he pleaded not guilty to narcotics charges on Monday. Traders have priced in two Federal Reserve rate cuts this year, LSEG data showed, putting Friday’s U.S. employment report in focus; Richmond Fed President Tom Barkin said any further rate changes must be “finely tuned.” “Precious metals traders see more risk on the horizon than stock and bond traders do at present,” said Jim Wyckoff, a senior analyst at Kitco Metals. Reuters
Morgan Stanley said China’s new export licence requirements, which took effect at the start of the year, add “upside risk for silver” by keeping supply worries in play. The bank said 2025 likely marked the peak market deficit for silver after the metal logged a 147% annual gain. Reuters
The iShares Silver Trust seeks to track the price of silver and gives investors exposure to bullion through a product that trades like a stock. iShares lists a 0.50% sponsor fee in the prospectus and says the trust is not registered under the Investment Company Act of 1940. BlackRock
Silver extended Monday’s rally, when it climbed about 5% as investors weighed the Venezuela upheaval and falling U.S. Treasury yields, even as global stocks hit new highs. The cross-asset moves highlighted how quickly investors have rotated between risk assets and hedges at the start of 2026. Reuters
Silver’s run has been sharp enough to invite profit-taking, especially if the dollar firms or yields rise again. A stronger-than-expected jobs report could force investors to trim rate-cut bets, a setup that has tended to pressure precious metals.
Traders will focus on the U.S. Employment Situation report for December, due at 8:30 a.m. ET on Friday, for the next steer on rates and the dollar. Any fresh headlines on Venezuela are also likely to sway sentiment in silver-linked stocks. Bls
