NEW YORK, Jan 6, 2026, 06:33 EST — Premarket
- iShares Silver Trust (SLV) was up 2.1% before the open, tracking higher silver prices.
- Safe-haven demand lifted precious metals after Venezuela developments, while U.S. data and Fed comments fed rate-cut bets.
- Traders are watching Friday’s U.S. jobs report for the next read on rates — and on metals.
Shares of iShares Silver Trust rose 2.1% to $70.56 in premarket trading on Tuesday. The fund closed at $69.08 on Monday.
The move matters now because silver has become a fast-moving macro trade, swinging with shifts in U.S. rate expectations and geopolitical headlines. In early 2026, traders are leaning hard on incoming data to judge how quickly the Federal Reserve can cut rates.
Spot silver was up 1.9% at $77.97 an ounce, its highest level in a week, after weekend developments in Venezuela pushed investors toward traditional havens, Reuters reported. Silver hit an all-time high of $83.62 on Dec. 29.
“Gold prices are supported by increased safe-haven demand amid heightened geopolitical uncertainty,” said Ricardo Evangelista, an analyst at ActivTrades, pointing also to rising bets on Fed rate cuts after weaker U.S. manufacturing data. The same forces have buoyed silver, which tends to do better when interest rates fall because it pays no interest. Reuters
Minneapolis Fed President Neel Kashkari warned on Monday of “a risk that the unemployment rate could ‘pop’ higher,” comments that added to rate-cut talk ahead of key labor-market data. Investors are currently expecting two rate cuts this year, Reuters reported. Reuters+1
SLV is designed to track the price of silver by holding bullion in trust. iShares data showed the trust held 16,353.60 tonnes of silver as of Jan. 5 and traded at a 1.48% premium to net asset value — meaning the shares changed hands above the estimated value of the metal it holds.
Other silver-backed vehicles moved in the same direction in recent trading. Sprott Physical Silver Trust ended Monday up 4.6% and abrdn Physical Silver Shares ETF rose about 5%, MarketWatch data showed.
But silver has been prone to sharp reversals after its 2025 surge, and the next data surprise could test the rally. A stronger-than-expected jobs report could push yields higher and reduce demand for non-interest-bearing metals, while any easing in geopolitical stress could cool safe-haven flows.
The next catalyst is the U.S. Employment Situation report for December, due on Friday, Jan. 9 at 8:30 a.m. ET.
