First Majestic Silver has built a leading silver mining company over the past decade.The price of silver has gone parabolic over the past year. While the precious metal has lost some of its luster recently, it's still up by more than 150% over the past year. The rise in silver has driven up most silver stocks. Here's a look at how much money you'd have today if you invested $100 in leading silver producer First Majestic Silver (AG +8.64%) a decade ago. First Majestic Silver is a leader in silver. About 57% ...

Macro Economic Overview - The current macroeconomic environment appears strong, highlighted by a robust ISM manufacturing number, indicating a healthy economy [1] - The S&P 500 earnings have increased by 9% year-over-year, reflecting positive performance during the earnings season [2] Small Cap Performance - Small-cap stocks are significantly outperforming larger counterparts, with earnings up 25% year-over-year so far this earnings season [3] - There is a continued interest in small-cap investments, with specific mention of ProShares' high-income ETF focused on the Russell 2000 [4] Silver Market Insights - Silver has experienced considerable volatility, with a notable sell-off followed by a rebound, and is currently up 161% year-over-year [5][6] - The dual nature of silver as both an industrial metal and a precious metal provides it with unique investment characteristics, making it a potential buy during pullbacks [7] New Investment Products - ProShares has launched a new ETF, the ProShares Coindesk 20 ETF, which includes the 20 largest cryptocurrencies beyond Bitcoin and Ether, indicating a diversification into the cryptocurrency market [9]

Core Insights - The iShares Silver Trust (SLV) and the Global X - Silver Miners ETF (SIL) provide different investment approaches to the silver market, with SLV tracking physical silver prices and SIL investing in silver mining companies [1][8]. Cost & Size - SLV has a lower expense ratio of 0.50% compared to SIL's 0.65%, making it more cost-effective for investors [3]. - As of January 26, 2026, SLV has a one-year return of 268.4% while SIL has a return of 247.4% [3]. - SLV has assets under management (AUM) of $38 billion, significantly larger than SIL's $5 billion [3]. - SIL offers a dividend yield of 1.18%, while SLV does not pay dividends [4]. Performance & Risk Comparison - Over five years, SLV has a maximum drawdown of -39.33%, while SIL has a higher drawdown of -55.79% [5]. - An investment of $1,000 in SLV would grow to $4,384 over five years, compared to $2,810 for SIL [5]. Portfolio Composition - SIL invests in 39 global silver mining stocks, focusing entirely on the Basic Materials sector, with major holdings in Wheaton Precious Metals, Pan American Silver, and Coeur Mining [6]. - SLV provides pure exposure to silver prices, with all assets linked to Real Estate as a proxy for physical silver holdings [7]. Investment Implications - SIL's focus on mining companies allows for potential higher returns when these companies perform well, but it also introduces greater risk if they underperform [9]. - SLV offers a straightforward investment in silver prices without the complexities associated with mining operations and equity market fluctuations [9]. - The choice between SLV and SIL depends on investor objectives, with SLV suitable for those seeking direct silver price exposure and SIL for those interested in the broader silver market including mining companies [10].

Group 1: Gold Price Surge - The domestic gold jewelry price has surpassed 1600 RMB per gram, with a significant demand observed as a regular gold counter in Zhengzhou sold 1.2 million RMB worth of investment gold bars in just three hours [1] - International gold prices have continued to rise, with London spot gold reaching 5204.96 USD per ounce, marking a 2.41% increase, while New York futures prices hit 5207.07 USD per ounce, up by 0.50% [1] - Major domestic jewelry brands have raised their gold prices significantly, with Chow Sang Sang at 1614 RMB per gram, Chow Tai Fook at 1618 RMB, Lao Feng Xiang at 1620 RMB, and Lao Miao Gold at 1612 RMB [1] Group 2: Fund Suspension Announcements - E Fund announced the suspension of subscription and regular investment for its gold-themed LOF fund starting January 28, while redemption services will continue as usual [2] - Similarly, Guotai Asset Management has suspended the subscription for its silver LOF fund from January 28, citing the need to protect the interests of fund shareholders and maintain stable fund operations [5] - The high premium of the Guotai silver LOF fund reached over 46.02%, with a market price of 4.336 RMB as of January 27, reflecting a daily increase of 3.66% [7] Group 3: Market Trends and Investor Caution - Year-to-date, international gold futures have increased by over 17%, while silver prices have surged by 55% [8] - Industry experts warn that after significant price increases, both gold and silver may face short-term correction pressures, advising investors to remain rational and avoid chasing high prices [8]

Hecla Mining Company Investor Day Summary Company Overview - **Company Name**: Hecla Mining Company (NYSE: HL) - **Headquarters**: Coeur d'Alene, Idaho - **Market Capitalization**: Over $17 billion as of mid-January 2026 - **Share Ownership**: 22% retail, 78% institutional - **Operations**: Four precious metals mines located in the United States and Canada, positioning Hecla as the lowest geopolitical risk silver miner in the sector [4][5] Key Points from the Investor Day Strategic Transformation - **Leadership Change**: Rob Krcmarov appointed as CEO in November 2024, focusing on fundamental transformation and disciplined capital allocation [7][8] - **Exploration Budget**: The board approved a $55 million exploration budget for 2026, nearly double the previous year, indicating a commitment to future growth [9] - **Operational Excellence**: Emphasis on operational performance, financial frameworks, and exploration strategies to sustain growth through commodity cycles [9][10] Recent Developments - **Sale of Hecla Quebec**: Agreement to sell Hecla Quebec for nearly $600 million, redirecting focus towards silver production [11][12] - **Production Guidance**: Expected silver production for 2026 is between 15.1 million and 16.5 million ounces, with a potential pathway to 20 million ounces in the medium term [35][36] Financial Performance - **Free Cash Flow**: Generated $310 million in free cash flow in 2025, with all operations being free cash flow positive [26][43] - **Debt Reduction**: Gross leverage improved from 1.6x to 0.4x, with a target for complete deleveraging [43][44] - **Return on Invested Capital (ROIC)**: Increased from 4% in 2024 to 12% in 2025, with expectations for continued strong performance [44][46] Market Position and Silver Focus - **Silver Revenue**: Approximately 50% of revenues generated from silver, compared to 20%-30% for peers, highlighting Hecla's commitment to silver over gold [29][61] - **Supply-Demand Dynamics**: The silver market is in a structural deficit, with a cumulative supply deficit of 800 million ounces since 2021, driven by strong industrial demand and constrained supply [58][59] - **Investment in Silver**: Hecla's focus on silver is expected to yield significant returns due to its unique properties and increasing demand in various sectors, including solar energy and electrification [60][61] Operational Excellence - **Safety Improvements**: Achieved a 13% improvement in total reportable injury frequency rate in 2025, with ongoing investments in safety training and hazard reporting [64][65] - **Technology Integration**: Implementation of integrated systems for real-time monitoring and decision-making to enhance operational efficiency [66] Conclusion Hecla Mining Company is positioned for significant growth in the silver market, driven by a strategic focus on operational excellence, disciplined capital allocation, and a strong commitment to safety and sustainability. The company's transformation under new leadership aims to unlock value and capitalize on the growing demand for silver in a favorable geopolitical landscape.

Core Viewpoint - ProShares Ultra Silver (AGQ) has experienced significant growth, reaching a 52-week high and increasing by 616.7% from its 52-week low price of $31.88/share, indicating strong momentum in the silver market [1]. Group 1: Fund Overview - ProShares Ultra Silver aims to achieve daily investment results that correspond to two times the daily performance of the Bloomberg Silver Subindex, with an annual fee of 95 basis points [1]. Group 2: Market Drivers - The rise in silver prices is attributed to supply constraints and its increasing applications in solar power and electric vehicles, highlighting silver's critical role in modern technology and clean energy solutions [2]. - Expectations of interest rate cuts in 2026 are favorable for silver, as a weaker U.S. dollar typically benefits precious metals [3]. Group 3: Performance Outlook - AGQ is expected to maintain its strong performance in the near term, supported by a positive weighted alpha of 560.27, suggesting potential for further gains [4].

Core Insights - The surge in silver prices has prompted mining companies to adjust their pricing strategies based on evolving fundamentals [1] Group 1: Market Dynamics - Mining companies are increasingly factoring in the changing fundamentals of silver into their pricing models [1] - The iShares MSCI Global Silver holdings reflect these adjustments in market behavior [1] Group 2: Research and Analysis - Financial Serenity, managed by Tommaso Scarpellini, focuses on asset management sector analysis [1] - The initiative aims to provide in-depth insights into the dynamics of the asset management market [1] - The analysis combines rigorous data evaluation with actionable opinions on ETFs and trending instruments [1]

Industry Overview - The exchange-traded fund (ETF) industry reached a record $1.25 trillion in assets by November, marking the fastest growth in history [1] - Full-year ETF inflows are projected to reach $1.4 trillion, revised up from an earlier estimate of $1.3 trillion, driven by strong bond performance [5] Asset Performance - Across various asset classes, including stocks, bonds, and commodities, there has been a positive return environment, with assets outperforming cash [2] - Gold prices have surged over 70% this year, while silver has increased by more than 140%, both reaching record highs [15] Bond and Gold ETFs - Bond ETFs attracted $42 billion in inflows last month and are on track to achieve a record $400 billion in inflows for the year [7] - The SPDR Gold Trust ETF, the largest gold-backed ETF, has seen record inflows and has gained over 68% [8] Market Dynamics - The popularity of fixed income ETFs continues to grow, with their use cases expanding beyond basic strategies to include more active management [6] - Factors contributing to the bullish outlook for gold include persistent inflation, global instability, and continued central bank purchases [10][18]

Core Insights - The Global X Silver Miners ETF (NYSEARCA: SIL) achieved a remarkable return of 158% in 2025, significantly outperforming the S&P 500, which only gained 15% [1] Group 1 - The performance of the Global X Silver Miners ETF indicates a strong interest and investment potential in the silver mining sector [1] - The substantial return of 158% suggests that silver mining companies may be benefiting from favorable market conditions or increased demand for silver [1] - The comparison with the S&P 500 highlights the relative strength of the silver mining sector against broader market trends [1]

Core Insights - Amplify Junior Silver Miners ETF (SILJ) has surpassed $3 billion in assets under management as of November 30, 2025, reflecting strong investor interest in the silver market [1][5] - SILJ, launched in 2012, is the first ETF targeting small-cap silver miners, aiming to correlate with the Nasdaq Junior Silver Miners™ Index [1] - The year-to-date NAV return for SILJ is 161.48% as of November 30, 2025, indicating significant performance [1] Industry Overview - The silver market is expected to face one of the largest deficits in over 20 years, with demand projected to exceed supply by 149 million ounces in 2025, marking the fifth consecutive year of supply shortfalls [3] - Silver's status as a safe haven asset is reinforced by its role as a hedge against inflation and economic uncertainty, making it attractive for investors [3] - The gold-to-silver ratio remains historically favorable, enhancing silver's relative value [3] Demand Drivers - Industrial demand for silver has increased by over 55% from 2015 to 2024, driven by applications in AI semiconductor chips, solar panels, electric vehicles, and other technologies [4] - Industrial use now constitutes over half of total silver demand, highlighting silver's critical role in next-generation technologies [4] - The U.S. Department of the Interior has added silver to the Critical Minerals List, emphasizing its strategic importance for technology and renewable energy sectors [4] Company Insights - Christian Magoon, CEO of Amplify ETFs, noted that SILJ's growth is attributed to both inflows and price appreciation, with further upside potential as silver fundamentals strengthen [5] - Amplify also offers the Amplify SILJ Covered Call ETF (SLJY), which aims for monthly income and capital appreciation through exposure to junior silver mining companies [5] - SLJY targets an 18% annualized covered call option income and is part of Amplify's YieldSmart™ suite of income ETFs [5] Financial Performance - Amplify ETFs manages over $16.6 billion in assets as of November 30, 2025, indicating a robust presence in the ETF market [7]