Silver miners slump as white metal drops below $100 mark

Wheaton Precious Metals

30/01/2026 10:34

** U.S.-listed shares of silver miners slump premarket as the white metal dips below the $100 per ounce mark

** Spot silver XAG= down over 14% at $99.77 an ounce, as investors booked profits and the U.S. dollar strengthened on the imminent appointment of a new U.S. Federal Reserve Chair

** "Although a significant part of the move in the rise in silver has been based upon sound fundamentals, there was clearly a speculative excess within the market and I think that's getting blown off," says independent analyst Ross Norman

** Hecla Mining HL.N down nearly 14%; Coeur Mining CDE.N dips over 15%

** Canadian miners: Wheaton Precious Metals WPM.N down 9%; Silvercorp Metals SVM.TO down 14%; Endeavour Silver EXK.N drops 14.5%

** ETFs: Abrdn Physical Silver Shares SIVR.P and iShares Silver Trust SLV.P both slump over 15%; Global X Silver Miners SIL.P down 12.7%; ProShares Ultra Silver AGQ.P falls as much as 30.5%

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))