Silver bars appear in a photo illustration as silver prices move amid shifting industrial demand and global market volatility in Brussels, Belgium, on December 24, 2025.
Jonathan Raa | Nurphoto | Getty Images
Shares linked to silver strengthened on Wednesday, after the metal hit another record high and held above the $90 threshold.
On Tuesday, spot silver — which outperformed gold last year with a 150% annual gain — crossed over the $90-an-ounce mark for the first time. It was more than 5.8% higher at $92.03 per ounce by 8:15 a.m. ET on Wednesday.
Spot silver price
Silver futures for March delivery, meanwhile, were last seen trading at $91.895.
Spot prices for the metal are up 27% so far this year and, as the rally continued, equities related to the metal moved higher.
In pre-market trade, U.S.-listed shares of Hecla Mining — which owns Greens Creek Mine in Alaska, one of the biggest silver mines in the world — jumped 4.2%. Endeavour Silver was 2.5% higher, while First Majestic Silver was last seen trading up 2.7%. Coeur Mining, the operator of the Rochester mine in Nevada, gained around 2.6%, while Silvercorp Metals and Teck Resources added 3%, and Wheaton Precious Metals gained 1%.
Exchange-traded funds (ETFs) related to the silver industry also rallied. The Abrdn Physical Silver Shares ETF rose by 6.3% in pre-market trade, while the iShares Silver Trust fund also jumped 6.3%. ProShares’ Ultra Silver ETF surged 12.7% higher.
Across the Atlantic, London-listed shares of Fresnillo touched a record high and were last seen trading 1.9% higher. The stock was the best performer on London’s FTSE 100 index last year, with a gain of 452.5%.
Evy Hambro, portfolio manager and the Global Head of Thematics and Sector Investing at BlackRock, told CNBC on Tuesday that although the investment management giant had long been bullish on silver, it had only begun shifting its approach to equities related to the metal in recent years.
“It was only in 2024 that we moved into the [related] equities as prices had risen to levels that allowed the companies to make a decent return,” he said in an email.
“Prior to this, price moves had more often than not been eaten up by cost increases.”
BlackRock expects silver to continue its upward trajectory this year.
“Our long-term view on silver is positive, but it is important to remember silver is more of an industrial metal [than gold],” Hambro told CNBC.
“We expect 2026 returns to be driven by how company management teams allocate the increased cashflows. Should there be ongoing discipline, such as massive dividend increases rather than over investment or M&A, this will differentiate miners in 2026.”
Dan Coatsworth, head of markets at AJ Bell, told CNBC on Wednesday that underlying factors supporting the silver rally were still at play.
“It’s been a whirlwind time for silver and there are reasons why the metal could still shine well into 2026,” he said in an email. “Supplies are tight and could get even tighter after China imposed export restrictions on the refined version of the precious metal. That matters because China is a net exporter of silver.”
He also pointed to silver’s industrial use as a driver of demand, with the metal being an essential component in goods from solar panels to cell phones.
“Demand is strong from these areas, and there is a risk that not enough money is being spent by miners on developing new sources of supply,” Coatsworth said.
When it comes to allocating capital to silver, Coatsworth added that investors can gain exposure through funds or shares in miners as well as buying physical silver.
“Buying a fund is a way to get broad exposure and spread your risks, rather than betting everything on a single company,” he said. “However, investing in any silver mining company – either directly or through a fund – is higher risk than simply tracking the silver price. You must factor in the risks that operations go wrong, geopolitical risks associated with the location of assets, and unpredictable geology.”