Gold and silver bars with matching coins on a wooden table, vault door blurred in background. Key Points Gold and silver prices have stabilized after a pullback, reinforcing the longer-term bullish supply-demand imbalance. Mining stocks are entering the next phase of the metals cycle, offering leveraged upside to rising commodity prices. Kinross Gold, Hecla Mining, and Pan American Silver combine strong earnings momentum with improving balance sheets and production growth. Interested in Pan American S ...

The iShares MSCI Global Silver and Metals Miners ETF (NYSEMKT:SLVP) and the Sprott Gold Miners ETF (NYSEMKT:SGDM) both offer targeted exposure to precious metals miners, but they take distinct approaches. SLVP tracks global companies heavily involved in silver and metals mining, while SGDM zeroes in on U.S. and Canadian gold producers. This comparison looks at cost, performance, risk, sector tilts, and liquidity to help investors assess which fund may better match their portfolio needs. Snapshot (cost & ...

Core Insights - Silver experienced a remarkable rally, surging 137% from February 2025 to February 2026, with the iShares Silver Trust (SLV) climbing from $29.46 to $69.72 [1] - The volatility in January 2026, triggered by speculation regarding the Federal Reserve chair, led to a 17.5% selloff, testing investor conviction [1] - The current market sentiment around silver remains bullish, with retail investors showing signs of recovery after the January shakeout [1] Silver Price Action - Silver's 137% gain over the past year significantly outpaces its 176% return over the previous five years, compressing a typical five-year performance into just twelve months [1] - The metal briefly touched $95 before reversing during the January volatility, indicating extreme price fluctuations [1] - Year-to-date, SLV is up 8.2%, reflecting ongoing volatility beneath the surface [1] ETF Flows and Investor Sentiment - The iShares Silver Trust holds $51.5 billion in net assets with a 0.5% expense ratio, indicating strong investor interest [1] - Sentiment on Reddit fluctuated during the January crash, with posts highlighting both significant losses and gains from SLV put options [1] - By mid-February, sentiment had rebounded to a bullish range of 64-68, suggesting a repositioning among retail investors [1] Silver Miners Performance - Silver mining stocks have amplified gains, with First Majestic Silver (AG) returning 304%, Hecla Mining (HL) at 256%, and Coeur Mining (CDE) at 211% [1] - The valuations of these mining companies have expanded significantly, with First Majestic trading at 164x trailing earnings and Pan American Silver (PAAS) at 33x [1] Drivers of Silver Demand - Industrial demand for silver remains robust, driven by sectors such as solar panel production, AI infrastructure, and electronics manufacturing [1] - Central bank gold buying indirectly supports silver prices through the gold-to-silver ratio, highlighting the interconnectedness of precious metals [1] - Key factors to watch include the sustainability of industrial demand, miners' production management, and the behavior of retail investors post-January [1]

Core Viewpoint - Silvercorp Metals Inc. is a mining company focused on silver, lead, and zinc production, primarily operating in China, with a cost-effective mining approach [1] Group 1: Company Overview - Silvercorp Metals competes with firms like Pan American Silver and Hecla Mining [1] - The company's market capitalization is approximately $2.42 billion [3] Group 2: Stock Performance - The current trading price of SVM is $10.99, reflecting a price change of $0.21, or an increase of approximately 1.99% [3] - The stock has fluctuated between $10.55 and $11.18 during the day, with a yearly high of $14 and a low of $3.15, indicating significant volatility [3] Group 3: Analyst Ratings - Roth Capital set a price target of $11 for SVM, indicating a potential increase of about 1.99% from the current price [4][5] - The stock has received a "Moderate Buy" consensus rating from six brokerages, with an average one-year target price of $9.50 [2] - BMO Capital Markets and Raymond James Financial have reiterated an "outperform" rating for Silvercorp Metals [2]

证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 10 日 [Table_Title] Hecla Mining 2025 年白银产量同比增加 5.3%至 529.59 吨，2026 年合并银产量预计为 470-513 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 2025 年生产经营情况 2025 年白银产量 1702.68 万盎司（529.59 吨），同比增长 5.3%，达到合并白银产量指导目标的上限。所有银矿项目均达 成产量目标，其中 Lucky Friday 矿产出 530 万盎司，超出其指 导范围上限。 2025 年合并黄金产量 150,509 盎司（4.68 吨），同比增长 6.0%，超过 15 万盎司黄金指导目标的上限。 ►2026 年指引 合并银产量预计为 1510 万至 1650 万盎司（470-513 吨），因 Greens Creek 矿处理品位预期下降，较上年小幅减少。 合并黄金产量预计降至 13.4 万至 14.6 万盎司（4.17-4.54 吨），因 Casa Berardi 矿处理品位预期走低。 ...

Core Insights - The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and SPDR Gold Shares (GLD) have distinct risk profiles, asset management sizes, and performance histories, with SLVP focusing on volatile silver miners and GLD tracking physical gold bullion [1][2] Cost & Size - SLVP has an expense ratio of 0.39% and AUM of $1.4 billion, while GLD has an expense ratio of 0.40% and AUM of $188.9 billion [3] - The one-year return for SLVP is 187.2%, compared to GLD's 72.4%, and SLVP offers a dividend yield of 1.6%, whereas GLD does not [3][4] Performance & Risk Comparison - Over five years, SLVP experienced a maximum drawdown of -55.56%, while GLD had a maximum drawdown of -21.03% [5] - An investment of $1,000 in SLVP would grow to $2,112 over five years, while the same investment in GLD would grow to $2,554 [5] Fund Composition - GLD is designed to track the price of physical gold, providing a straightforward investment without the need for physical storage or insurance, and is one of the largest and most liquid ETFs globally [6] - SLVP invests exclusively in mining companies, including major holdings like Hecla Mining and First Majestic Silver Corp, leading to more volatile returns due to sensitivity to silver prices and operational risks [7] Investor Considerations - Both SLVP and GLD offer exposure to precious metals but cater to different investor priorities based on their risk tolerance and investment strategy [9]

Core Viewpoint - Silvercorp Metals Inc. is a mining company focused on silver, lead, and zinc production, primarily operating in China, and is recognized for its efficient mining operations [1] Financial Performance - Silvercorp is expected to release its quarterly earnings on February 9, 2026, with analysts predicting earnings per share (EPS) of $0.17 and revenue of approximately $122.55 million, driven by higher revenues for the quarter ending December 2025 [2] - The stock price of Silvercorp may be significantly influenced by the actual earnings results compared to these estimates, with potential stock price increases if earnings exceed expectations and declines if they fall short [3] Valuation Metrics - The company has a high price-to-earnings (P/E) ratio of 90.13, indicating that investors are willing to pay $90.13 for every dollar of earnings, and a price-to-sales ratio of 7.12, suggesting that investors are paying $7.12 for every dollar of sales [4] - Silvercorp's debt-to-equity ratio is low at 0.16, reflecting a conservative use of debt, and it has a strong current ratio of 4.59, indicating good short-term financial health and liquidity [5]

Market Overview - Gold prices dropped as much as 6% and silver fell 10% due to increased margin requirements by CME Group following a significant decline on Friday, leading to a selloff across markets as leveraged investors unwound positions to meet margin calls [1][8] - U.S.-listed gold and silver mining companies experienced declines in premarket trading, with Newmont down 2.2%, Barrick Mining down 2.8%, and Kinross Gold down 3.2% [1][8] Economic and Policy Impact - The selloff in precious metals intensified after U.S. President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair, a decision perceived as hawkish by investors [2][8] - Shares of energy companies fell as oil prices decreased by 5% after Trump indicated that Iran was engaging in discussions with Washington, which eased concerns over supply disruptions [4][8] Technology Sector Performance - The volatility VIX index rose to 19.11, nearing a two-week high, influenced by mixed earnings from major tech companies and increased policy uncertainty following Trump's nomination of Warsh [5][9] - Major tech stocks, including Nvidia and Tesla, saw declines of nearly 2% each, while Meta and Alphabet lost 1.4% and 0.9%, respectively [5][9] - Microsoft shares recorded their worst week since March 2020 due to disappointing cloud revenue, raising concerns about the returns on significant investments in artificial intelligence [6][9] - Oracle's shares dropped 3.7% after announcing plans to raise $45 billion to $50 billion in debt and equity this year [6][9] Upcoming Economic Indicators - The U.S. is expected to experience a brief government shutdown after Congress failed to approve funding, with key economic data releases scheduled for the week, including January manufacturing PMI and labor market indicators such as JOLTS and nonfarm payrolls [7][9]

芝加哥商品交易所（CME）当地时间27日发布通知，对部分白银、铂金和钯金期货合约的保证金 （Outright Rates）参数进行调整。 文件显示，部分白银合约的新保证金比例高于此前水平，约为名义价值的11%。新标准将于当地时间1 月28日收盘后生效。本次通知未涉及黄金相关合约。 提高保证金意味着那些想要交易白银、铂金和钯金期货的人将需要提供更多抵押品，以确保他们能够履 行其义务。虽然当合约飙升或极度波动时，交易所通常会提高保证金，但周二的举动可能会排挤那些没 有足够现金进行必要存款的小型参与者。 散户狂潮席卷白银市场 根据Vanda的数据，包括英伟达、特斯拉和Palantir在内的知名科技股，曾是2025年散户投资 者买入最多的个股。但如今，白银的交易热度甚至超过了自2022年底以来便令华尔街着迷的 人工智能宠儿——英伟达。衡量交易加速的白银换手动量已跃升至正常水平的11.55倍，高 于英伟达的7.54倍。 因此，"相对而言，散户对白银的追逐现在比经典的AI交易更为激烈，"巴雷克说。 巴雷克指出，对一度被称为"穷人的黄金"的白银兴趣高涨，对矿业股产生了"光环效应"。 Vanda数据显示，Hecla Mini ...

In this articleZSLSLVIn this photo illustration, silver bars are displayed at Polyak Precious Metals on Jan. 14, 2026 in San Francisco, California. Justin Sullivan | Getty ImagesRetail investors are betting big on major swings in silver.The question is which way the precious metal could go.Individual investors on Monday sent about $171 million on net into the iShares Silver Trust (SLV), a popular exchange-traded fund that tracks the metal, according to market research firm VandaTrack. That marked the larges ...