New York, Feb 18, 2026, 12:18 EST — Regular session
- Spot silver (XAG/USD) surges roughly 5.9%, trading close to $77.87 an ounce by midday.
- SLV jumped roughly 6%, sending silver-related stocks and ETFs higher as well.
- The dollar edged up after robust U.S. data, with Fed minutes set for release at 2 p.m. ET.
Spot silver bounced almost 6% in U.S. trading Wednesday, recovering from Tuesday’s steep slide. Investors, eyeing geopolitical developments, looked ahead to the Federal Reserve minutes later in the session.
Silver’s been acting like a fast-money trade lately—whipsawing as risk appetite and rate bets shift. Sure, it’s a precious metal, but with its ties to industry, the metal reacts hard and fast when the macro picture moves.
Eyes on the Fed minutes this day, as traders scour the central bank’s latest meeting record for any hints on policymakers’ inflation fears and potential timing for renewed rate cuts. The release drops at 2:00 p.m. ET, according to the Fed’s calendar.
The March silver contract (SIH6) pushed up around 5.9% to $77.85 an ounce, with prices swinging between $72.31 and $78.25 earlier in the day, data from Investing.com showed.
Tuesday’s drop was chalked up in part to lighter volumes and a dip in safe-haven appetite, as China’s markets remained closed for Lunar New Year. Investors also picked through fresh diplomatic headlines.
Edward Meir, an analyst at Marex, summed up the action as choppy, saying to Reuters, “We’ve been in a very tight trading range for much of February.” Reuters
The dollar’s strength isn’t helping. After upbeat U.S. numbers on business spending and factory production, the dollar index climbed 0.33% to 97.45—raising costs for non-U.S. buyers of metals, since those prices are set in dollars.
Action in silver miners tracked the jump in the metal itself. Hecla picked up roughly 7% early on, Coeur Mining added close to 3%, and both iShares Silver Trust and Aberdeen’s SIVR ETF advanced around 5%, Reuters “BUZZ” noted. Longbridge
iShares Silver Trust (SLV) jumped nearly 6%, landing at approximately $70.42, Investing.com data showed.
The risk from the minutes goes both directions. Reuters said the Fed kept its policy rate at 3.5%–3.75% in January. Citi’s analysts noted, “The Fed is prepared to lower rates further this year if inflation cools.” But if the tone in the minutes comes off more hawkish, silver could quickly lose its recent gains. Reuters
Once the minutes are out, attention shifts quickly to Friday’s U.S. Personal Consumption Expenditures (PCE) price index. That’s the Fed’s preferred inflation metric, landing Feb. 20, according to the BEA’s release page.
