NEW YORK — As of 2:51 p.m. ET on Friday, December 26, 2025, U.S. markets are open for a regular full session, despite the post‑Christmas “bridge day” feel and typically lighter holiday liquidity. [1]
Against that backdrop, Sprott Physical Silver Trust (NYSE Arca: PSLV)—a popular way to gain physical silver exposure in a brokerage account—has been moving sharply higher, tracking silver’s historic surge. Sprott’s own delayed market data showed PSLV around $25.55 earlier in the afternoon, up about 6.6% on the day, with heavy volume. [2]
The bigger engine under the hood: silver itself just blasted through record territory. Reuters reported silver breached $77 for the first time, reaching about $77.30/oz around 1:53 p.m. ET, as precious metals extended a powerful year‑end run driven by rate‑cut expectations and geopolitical tension. [3]
PSLV stock price today: what’s happening in this session
Because PSLV trades like a stock (it’s a closed‑end trust), price moves can look “equity‑style,” but the day’s story is mostly metal‑driven.
- PSLV’s intraday picture (Sprott delayed data): about $25.55, day high/low roughly $25.56 / $24.65, and volume near 14.9 million units earlier in the afternoon. [4]
- Premium/discount matters: Sprott also showed an intraday indicative value around $26.51 and an intraday premium/discount near -3.64%, meaning the trust was trading below its indicative value at that snapshot—important for investors who care about “not overpaying” for exposure. [5]
- Another real‑time quote source (market feed): PSLV was trading near $25.65 with very heavy volume later in the afternoon.
Why the slight differences? Different data vendors, timestamps, and Sprott’s stated delay can produce small gaps—especially on a high‑volatility day.
What PSLV actually is (and why it behaves differently than a typical ETF)
PSLV is not a silver miner stock and not a futures product. It’s a closed‑end trust that holds physical metal.
Sprott describes PSLV as a trust that invests in unencumbered, fully allocated London Good Delivery (LGD) silver bars, with the Royal Canadian Mint as bullion custodian. [6]
Key features investors tend to focus on:
- Physical backing: Sprott’s reporting shows the trust held 208,105,141 ounces of silver and had about $14.99 billion in total net asset value (figures shown “as of December 24”). [7]
- Fees: Sprott lists a management expense ratio around 0.57% (as reported on the trust page). [8]
- Redemption feature (but not “small investor friendly”): Unitholders can redeem for physical bullion on a monthly basis, but PSLV’s minimum redemption threshold is large—Sprott says you need enough units to equate to ten 1,000‑oz silver bars. [9]
That last point is crucial: redemption exists, but the minimum size means it’s generally a feature for larger holders—not an everyday retail “convert shares into coins” mechanism.
Why PSLV is ripping higher: silver’s record move meets thin holiday markets
1) Silver just hit record highs (again)
Reuters reported silver’s move has been driven by a mix of industrial demand + investment demand, persistent supply shortfalls, and expectations for U.S. rate cuts—with thin liquidity amplifying price swings in the smaller precious‑metals markets. [10]
Reuters also pointed to silver’s recent designation as a U.S. critical mineral as part of the narrative supporting momentum and strategic demand themes. [11]
2) Stocks are near highs, but today’s “bridge session” can exaggerate moves
Holiday‑adjacent sessions often combine two weird ingredients: light volume and big narratives. Schwab’s market note described U.S. stocks as relatively flat near highs in a quiet session, with caution that low volume can mean sharper moves. [12]
That’s relevant for PSLV because when the underlying commodity is making record headlines, investors often pile into the most convenient liquid vehicles—then spreads and discounts/premiums can get quirky.
3) Silver is traded globally—PSLV is not
Silver trades across OTC markets, futures, and exchange‑traded vehicles. Reuters noted that London is a major physical hub (with 27,187 tons reportedly in London vaults as of end‑November 2025), and U.S. futures trade on COMEX. [13]
PSLV, however, trades during U.S. equity market hours—so if silver moves aggressively outside those hours, PSLV can gap at the next open.
The biggest PSLV-specific news investors should know: a $1 billion ATM program update
On December 11, 2025, Sprott announced PSLV updated its at‑the‑market (ATM) equity program to allow issuance of an additional US$1 billion of trust units in the U.S. and Canada. The trust said proceeds would be used to acquire physical silver bullion in line with its objective. [14]
Why this matters in plain English:
- In periods of intense demand, the ability to issue new units can help the trust grow bullion holdings rather than letting the market price run far away from underlying value.
- It also means investors should pay attention to premium/discount dynamics, because issuance mechanics can influence how tightly a vehicle tracks its metal exposure over time.
Silver supply and demand: the “structural deficit” narrative powering the trade
Silver’s story is not just “fear trade.” It’s increasingly “industrial metal with a monetary side quest.”
The Silver Institute (citing Metals Focus research and presentations) has emphasized that 2025 is on track for a fifth consecutive market deficit, estimating a 95 million ounce deficit for 2025 and describing multi‑year tightness. [15]
Some headline figures from the Silver Institute’s 2025 discussion include:
- Global demand expected around 1.12 billion ounces in 2025, with industrial demand forecast near 665 million ounces (even after some “thrifting” to reduce silver per unit in applications like solar modules). [16]
- The Institute’s commentary also highlights tailwinds from AI/data centers and EVs, while acknowledging the push‑pull of high prices on jewelry and coin/bar demand. [17]
Meanwhile, a Nasdaq-hosted outlook piece (from Investing News Network) echoed the structural deficit theme and quoted silver analyst Peter Krauth, who argued the market’s tightness can persist because much silver is produced as a by‑product of other metals, and supply response can be slow. [18]
Silver price forecasts for 2026: experts disagree, but the map is still useful
Forecasting commodity prices is like forecasting cat behavior: you can outline tendencies, but the cat retains veto power.
Still, multiple credible outlooks highlight the same key variables—real interest rates, industrial demand, and policy risk—even when their target numbers differ.
Bank and institutional projections
- Deutsche Bank (via Investopedia’s reporting): analysts expect ETF silver holdings could reach about 1.1 billion ounces by end‑2026 and forecast silver to average about $55/oz in 2026, while warning that fewer‑than‑expected rate cuts could disappoint. [19]
- IG’s 2026 outlook: says the average of major banks places silver in roughly the $56–$65 range for 2026, while noting technical models can imply higher levels depending on trend and the gold/silver ratio. [20]
- HSBC (Reuters, August 2025): raised its forecast at the time to an average of $33.96/oz in 2026, while also modeling large deficits (HSBC cited a 126 million ounce deficit expectation for 2026). This older forecast now sits far below today’s spot market, a reminder of how violently silver can outrun “base case” expectations. [21]
What “real world” advisors are telling investors to watch
A CBS News expert roundup (published Dec. 24) highlighted conditions that could push silver up, down, or sideways:
- Peter Reagan (Birch Gold Group) pointed to inflation uncertainty as a potential support for demand. [22]
- Henry Yoshida (Rocket Dollar) said investors should watch real interest rates, global manufacturing activity, and renewable energy expansion—and cautioned that if real yields rise and industrial demand cools, silver could retreat or stabilize. [23]
- Joshua D. Glawson (Money Metals Exchange) argued that investment flows (including ETF-related demand) can be a significant driver, while acknowledging uncertainty. [24]
The takeaway for PSLV investors: forecasts vary widely, but the driver list is surprisingly consistent.
What investors should know before the next session (and before today’s close)
Even though U.S. markets are open right now, it’s late Friday, and the next regular session after today is Monday, December 29 (U.S. equity markets are closed on weekends).
Here are the practical things that tend to matter most for PSLV into the next session:
Watch the discount/premium like a hawk, not like a goldfish
On volatile days, PSLV can trade at a discount (or premium) to its indicative value. Sprott’s page showed an intraday discount around -3.64% earlier today. [25]
That discount can narrow or widen quickly depending on flows, liquidity, and how silver trades late-day.
Remember the “overnight gap” problem
Silver trades across global venues, but PSLV trades in U.S. equity hours. Reuters’ overview of how silver trades underscores the 24‑hour-ish ecosystem around the metal (OTC London, futures, etc.). [26]
If silver moves hard after 4:00 p.m. ET (or over the weekend), PSLV can gap at Monday’s open—great when you’re right, brutal when you’re not.
Thin volume cuts both ways
Schwab explicitly warned that holiday-thin volume can lead to sharper market moves. That applies to PSLV as much as to anything else, particularly when the underlying commodity is making record highs. [27]
Don’t ignore the tax wrapper (especially for U.S. investors)
Sprott’s tax guide notes the trusts can be treated as PFICs for U.S. federal tax purposes and discusses the role of a QEF election (IRS Form 8621) in potentially avoiding less favorable outcomes, while also contrasting precious metals’ “collectibles” tax treatment with capital gains rates. This is not a DIY footnote—talk to a tax professional if PSLV is more than a tiny position. [28]
Finally: know what you’re actually buying
If your goal is “silver exposure,” PSLV is designed to be physically backed and transparent about holdings, but it is still a market-traded vehicle with fees and discount/premium behavior—not a magic portal to perfectly tracking spot silver every second. [29]
Bottom line
PSLV stock is surging because silver is surging—violently, historically, headline-grabbingly—and today’s post‑Christmas session adds the usual spice of thin liquidity and fast price discovery. [30]
For investors, the near-term game is about tracking silver’s momentum while keeping an eye on PSLV’s discount/premium and the possibility of gaps into Monday. The longer-term thesis still revolves around the same fundamentals analysts keep circling: structural deficits, industrial demand (solar/EV/AI), and the path of real interest rates. [31]
References
1. www.reuters.com, 2. sprott.com, 3. www.reuters.com, 4. sprott.com, 5. sprott.com, 6. www.sprottusa.com, 7. sprott.com, 8. sprott.com, 9. sprott.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.schwab.com, 13. www.reuters.com, 14. www.globenewswire.com, 15. silverinstitute.org, 16. silverinstitute.org, 17. silverinstitute.org, 18. www.nasdaq.com, 19. www.investopedia.com, 20. www.ig.com, 21. www.reuters.com, 22. www.cbsnews.com, 23. www.cbsnews.com, 24. www.cbsnews.com, 25. sprott.com, 26. www.reuters.com, 27. www.schwab.com, 28. sprott.com, 29. www.sprottusa.com, 30. www.reuters.com, 31. silverinstitute.org
