Silver 10x’d The S&P 500 In 2025 And Refiner Stocks Could Be Next

Group 1: Silver Market Dynamics - The physical demand for silver significantly exceeds supply, with prices recently climbing back over $77 after a pullback [1] - The COMEX raised margin requirements on December 26th, which contributed to a temporary drop in silver prices from a high of $83 per oz. to the low $70s [3] - China's new laws will restrict silver exports starting January 1st, and China controls 70% of the global refined silver supply, impacting market dynamics [9] Group 2: Price Trends and Projections - Silver prices have increased over 154% year-to-date, compared to 17.5% for the S&P 500, indicating strong market performance [5] - Current physical silver costs are 7% higher than for delivery at the end of 2026, driven by fears of future shortages [6][7] - Historical averages suggest that if the gold-silver ratio were to hold, silver prices could reach approximately $150 per oz. [9] Group 3: Companies to Watch - Freeport-McMoRan (FCX) is expected to be more meticulous in silver extraction and refining operations due to the increased value of silver, despite a projected decrease in silver output for 2025 [12] - Pan American Silver (PAAS) is targeting 22-25 million oz. of silver production for 2025, bolstered by a recent acquisition [15] - First Majestic Silver is projecting 15.3 million oz. of silver production for 2025, following a significant production spike in Q2 2025 [17] - American Resources Corporation (AREC) is involved in silver refining as part of its supply chain for critical elements used in various technologies [20]