December 22, 2025 — Sprott Physical Silver Trust (NYSE Arca: PSLV) is back in the spotlight as silver prices surged to a new all‑time high in Monday trading, extending what has already been a generational year for precious metals. [1]
PSLV isn’t a miner, and it isn’t a “silver story stock” in the usual sense. It’s a direct way to hold exposure to physical silver bullion through a listed security—so when silver rips higher (or snaps lower), PSLV tends to move right along with it, plus or minus one extra twist: it can trade at a premium or discount to its net asset value (NAV). [2]
Below is what’s moving PSLV today, what Sprott has done recently, and what major analysts are saying about where silver could go next.
What is Sprott Physical Silver Trust (PSLV)?
Sprott Physical Silver Trust is a closed-end trust designed to give investors an exchange-traded way to own fully allocated, unencumbered London Good Delivery silver bars—with The Royal Canadian Mint listed as the bullion custodian. [3]
Key structural notes that matter for “PSLV stock” watchers:
- It trades on NYSE Arca (PSLV) and also on the TSX (including a U.S.-dollar line). [4]
- It’s structured as a closed-end fund (not a typical open-ended ETF), which is why premium/discount dynamics can show up. [5]
- Sprott highlights that units are redeemable for metals (subject to the trust’s rules and minimums). [6]
- The trust lists a Management Expense Ratio (MER) of 0.60% (based on the period ended 6/30/2024). [7]
Where PSLV stands right now: NAV, discount, and physical silver held
The most recent Sprott-published daily snapshot (last updated Friday, December 19, 2025, 6:00 PM EST) shows PSLV trading at a discount to the value of its silver holdings:
- NAV per unit: $23.06
- Previous close market price: $22.07
- Premium/Discount:-4.30%
- Units outstanding: 607,369,508
- Total ounces of silver in trust: 208,109,781
- Total net asset value: $14,006,596,064 [8]
Why that discount matters: if silver rises and PSLV’s discount narrows (moves closer to NAV), PSLV can outperform spot silver slightly. If the discount widens, it can lag even when silver is up.
What happened on Dec. 22, 2025: silver hits a new record high
The big catalyst for PSLV attention today is simple: silver printed a new all-time high.
Reuters reported that spot silver hit a record $69.44/oz (and was up strongly on the session), alongside gold also breaking fresh records—driven by a mix of rate-cut expectations, ongoing safe-haven demand, and a weaker dollar backdrop. [9]
A few additional details from today’s market coverage that help explain the “why now”:
- Reuters described silver as up roughly 139% year-to-date and linked the move to supply deficits, industrial needs, and strong investment demand. [10]
- The Financial Times likewise framed the surge as a blend of geopolitical tension plus rate-cut expectations pushing flows into precious metals. [11]
- Barron’s also pointed to escalating geopolitical risk headlines as a near-term accelerant for gold and silver’s latest jump. [12]
For PSLV holders, the practical takeaway is that the trust’s unit price action is being pulled by the same gravitational field as spot silver—only with that extra premium/discount layer on top.
The latest PSLV-specific news: Sprott’s $1 billion “at-the-market” update
While today’s headlines are mostly about silver, PSLV did have notable trust-specific news earlier this month.
On December 11, 2025, Sprott announced an update to PSLV’s at-the-market (ATM) equity program, allowing the trust to issue additional units (up to US$1.0 billion) in the U.S. and Canada under a prospectus supplement structure. Sprott’s stated intent is that proceeds are used to acquire physical silver bullion in line with the trust’s objectives. [13]
Why investors care: ATM capacity can help the trust raise capital and add silver when demand is strong—potentially influencing the premium/discount over time (though it doesn’t eliminate discounts in all market conditions).
The bigger bull case: structural deficits, industry demand, and “critical mineral” politics
1) Persistent supply deficits
The Silver Institute has said the silver market is on course for a fifth successive structural deficit, estimating 2025’s deficit at about 95 million ounces and pointing to a large cumulative deficit over recent years. [14]
That matters for PSLV because a physically-backed vehicle becomes more interesting when the market narrative shifts from “paper price trade” to “tight physical balance.”
2) Industrial demand growth: solar, EVs, data centers, AI
On December 9, 2025, the Silver Institute released a new report, “Silver, The Next Generation Metal,” researched/produced by Oxford Economics, examining future demand drivers across photovoltaics, automotive/EVs, and data centers/AI. [15]
The investment implication is straightforward: when silver demand looks less like a cyclical jewelry story and more like a strategic input story, it can change how long-term capital treats the metal.
3) U.S. policy: silver added to the critical minerals list
Adding more fuel to the narrative, the U.S. government’s final 2025 List of Critical Minerals (Interior Department / USGS) added silver among 10 new minerals. [16]
Markets have been sensitive to what “critical mineral” status might mean next—ranging from support for domestic supply chains to, potentially, trade policy and tariff-related disruptions (a theme that has repeatedly appeared in recent silver market coverage). [17]
Silver and PSLV outlook: what forecasts say for 2026 (and why they disagree)
Forecasting silver is like forecasting human emotions with a spreadsheet: you can do it, but you should keep a helmet nearby. Still, several widely-followed institutions and analysts have put real numbers on the board.
Reuters market consensus: eyes on $75 by end-2026
A Reuters analysis on the silver surge noted analysts expecting prices could climb to around $75/oz by end-2026, while also stressing that silver’s market is smaller and can be more volatile than gold’s. [18]
ING: “well-supported,” but volatility remains the feature, not a bug
ING’s commodities research argued that silver is likely to stay supported by investor sentiment and tight physical balances, but emphasized continued volatility—projecting silver prices averaging $55/oz in 2026. [19]
HSBC: wide ranges and a (then) lower average-price view
HSBC (via Reuters) raised its forecasts earlier this year and described a wide expected trading range, including a 2026 average price forecast of $44.50/oz, with HSBC specifically flagging the possibility that highs could come in 1H 2026 followed by moderation later if inventories rebuild and supply mobilizes. [20]
Metals Focus (as cited by Nasdaq/INN): deficits persist, but may shrink
A December 15 outlook piece carried by Nasdaq (from Investing News Network) cited Metals Focus expecting a fifth straight deficit year in 2025 and a smaller—but still present—deficit in 2026, reinforcing the idea that supply tightness may not vanish quickly. [21]
How to translate these forecasts for PSLV:
Even if you ignore the exact dollar targets (wise), most mainstream outlooks share two ideas:
- Industrial + investment demand is structurally supportive, and
- silver’s volatility is not going away—meaning PSLV can be thrilling in rallies and brutal in corrections.
The risks: why PSLV can drop hard even in a “bullish” silver environment
- Momentum reversals and crowded positioning
Barron’s recently highlighted how stretched silver had become versus key moving averages and cited research suggesting such “historic deviations” have, in past cycles, been followed by sharp pullbacks. [22] - Profit-taking and thin liquidity into year-end
Reuters flagged the risk of profit-taking as year-end volumes thin, and earlier in December reported a sharp pullback after a record as traders booked gains—an important reminder that silver can move like a trapdoor when sentiment shifts. [23] - Premium/discount risk (the PSLV-specific wildcard)
Because PSLV is a closed-end structure, investors aren’t only taking silver price exposure—they’re also taking exposure to how the market prices the vehicle itself relative to NAV. As of Dec. 19, that meant a roughly 4.3% discount, which can widen or narrow independently of spot moves. [24]
Bottom line
On Dec. 22, 2025, PSLV is riding a fresh wave of attention because silver just set a new all-time high near $69.44/oz, powered by rate-cut expectations, safe-haven flows, and a market increasingly focused on tight physical dynamics. [25]
At the same time, PSLV’s own mechanics matter: the trust recently refreshed its ATM issuance capacity, and it’s currently reported at a discount to NAV—a factor that can either help or hurt relative returns versus spot silver. [26]
Looking into 2026, reputable forecasts span a wide range (from mid-$40s average-price views to bullish $70–$75 narratives), but most agree on the meta-theme: supportive fundamentals + relentless volatility. [27]
References
1. www.reuters.com, 2. www.sprottusa.com, 3. www.sprottusa.com, 4. www.sprottusa.com, 5. www.sprottusa.com, 6. www.sprottusa.com, 7. www.sprottusa.com, 8. www.sprottusa.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.ft.com, 12. www.barrons.com, 13. www.globenewswire.com, 14. silverinstitute.org, 15. silverinstitute.org, 16. www.doi.gov, 17. www.ft.com, 18. www.reuters.com, 19. think.ing.com, 20. www.reuters.com, 21. www.nasdaq.com, 22. www.barrons.com, 23. www.reuters.com, 24. www.sprottusa.com, 25. www.reuters.com, 26. www.globenewswire.com, 27. www.reuters.com
