New York, Feb 16, 2026, 16:02 EST — The final bell’s rung; trading has ended for the day.
- Spot silver lost 2%, dropping to $75.83 an ounce as trading thinned out—U.S. markets were closed for Presidents Day.
- Metals stayed under the gun as the dollar firmed, with traders sizing up the Fed’s rate cut trajectory.
- Attention shifts to the Fed’s Feb. 18 minutes, with fresh U.S. data also on deck as investors hunt for the next signal.
Spot silver slipped 2% to $75.83 an ounce Monday, having dipped as much as 3% earlier on thin trading. “As a more cyclically sensitive metal, any sign of a strong economy reduces (silver’s) safe-haven appeal relative to gold,” noted Zain Vawda, analyst at MarketPulse by OANDA. U.S. markets were closed for Presidents Day, and several Asian exchanges remained shut for the Lunar New Year, leaving liquidity scattered. Source: 1
This week, that’s key: U.S. cash markets don’t fully reopen until Tuesday, giving investors their first real shot at gauging where precious metals stand. Thin holiday trading often magnifies price swings—silver, in particular, can lurch more sharply than gold when volumes drop. Source: 2
The dollar is still calling the shots in the short term. According to Reuters, the dollar index edged up to 97.06. Money markets have now priced in around 62 basis points of easing for the rest of 2026—effectively two quarter-point cuts, with a 50% probability tacked on for a third. Traders continue to see June as the likely starting point for those moves. Source: 3
Silver’s got two faces. On one hand, it’s a hedge—classic precious metal play. On the other, it’s tied up in industry, so growth numbers yank it around too. Lately, prices have swung as traders flip between betting on rate cuts and digesting fresh macro data.
The iShares Silver Trust ETF (SLV), physically backed, ended Friday at $70.04, a 0.46% gain. U.S.-listed, it sits idle until Tuesday’s session. Source: 4
SLV’s net asset value stood at $70.08 on Feb. 13, iShares data show. Source: 5
Silver bulls face a risk if the dollar strengthens with the return of regular U.S. trading, or if fresh U.S. data bumps yields higher—raising the opportunity cost for those holding metals that don’t pay interest. On the flip side, if yields pull back and the dollar softens, prices could find support fast, particularly if volatility tempts momentum traders to jump back in.
Investors are eyeing the Federal Reserve’s minutes from its Jan. 27–28 meeting, set for release Wednesday, Feb. 18 at 2:00 p.m. ET. Source: 6
Traders have their eyes on a fresh batch of U.S. data out later this week. On Feb. 18, industrial production numbers roll in alongside leading indicators, followed by the trade balance and Philadelphia Fed index on Feb. 19. All of it feeds into the debate on growth prospects and just when those rate cuts might land. Source: 7
