Market Update: Silver Trends and Upcoming Data
NEW YORK, January 11, 2026, 12:19 pm ET — Markets are closed.
- SLV rose by 3.8% on Friday, with spot silver approaching $80 per ounce.
- Traders are anxiously awaiting U.S. CPI data set to be revealed on January 13th, alongside the rebalancing of commodity indexes scheduled for mid-January.
- Over the weekend, silver miners experienced gains, although volatility remains a concern.
The iShares Silver Trust (SLV), known for tracking silver prices and trading like stocks, increased by 3.83% to finish at $72.38 on Friday before the weekend. It traded between $70.87 and $72.99 and had a volume of approximately 90.65 million shares.
On Friday, spot silver reached $79.56 an ounce, with expectations for an increase of about 9.7% this week. This uptick came after U.S. job growth fell short of forecasts, raising the likelihood of multiple interest rate cuts by the Federal Reserve this year. “The job creation environment is poor,” said Bart Melek, global head of product strategy at TD Securities, which typically benefits precious metals. Traders are also bracing for a U.S. Supreme Court decision on tariffs expected on January 14th.
Looking ahead to Monday, solid momentum meets a market susceptible to macroeconomic headline shifts. Silver tends to swing from being an interest rate play to a safe haven in geopolitical tensions.
A less visible aspect, particularly within commodity discussions, is the annual index rebalancing. Between January 8 and 15, funds tracking commodity benchmarks are anticipated to sell approximately $6.1 billion worth of silver, according to a Financial Times report citing JPMorgan. Nikki Shields, an analyst at MKS PAMP, referred to this as “the industry’s first big test of the sustainability of December’s movements” as passive investors adjust their portfolios.
SLV aims to track LBMA silver prices and, as of January 9, held roughly 524.33 million ounces with net assets around $40.97 billion. It ended Friday at a 2.16% premium to its net asset value, suggesting demand for the fund is exceeding that for the physical metal.
Last week, silver-related shares outperformed metal stocks. Market data shows First Majestic Silver gained about 5.6% on Friday, Hecla Mining increased by around 6.8%, Pan American Silver by about 2.2%, and the Global X Silver Miners ETF (SIL) climbed nearly 2.5%.
Another macro checkpoint is on the horizon. The December U.S. Consumer Price Index is set to be released at 8:30 a.m. ET on January 13, as per the Department of Labor’s schedule.
If inflation rises, it could lead to increased real yields and a stronger dollar, which typically puts pressure on non-yielding metals like silver. On the other hand, a weaker CPI figure could reinforce the narrative of rate cuts, possibly allowing silver prices to increase further.
As traders monitor silver throughout the final rebalancing session, it’s notable that larger, rules-based flows often overshadow daily fundamentals, particularly when liquidity is low or positions are large.
However, sharp reversals in silver prices are common. Risks such as a stronger dollar, profit-taking from this week’s gains, or unexpectedly strong selling from the index could push SLV down to last week’s levels.
Silver’s unique position is crucial. Its volatility as both a safe-haven asset and industrial commodity means shifts in risk appetite or growth expectations can quickly influence prices.
Investors will be closely watching Tuesday’s CPI report for clearer signals as the commodity index rebalancing continues into mid-January, impacting future price movements.
