Silver miners slump as white metal drops on stronger US dollar

Wheaton Precious Metals

30/01/2026 15:27

Updates

** Shares of silver miners slump as the white metal dips below the $100 per ounce mark

** Spot silver XAG= down ~14% at $99.94 an ounce, as 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 8.1%; Coeur Mining CDE.N dips 8%

** Canadian miners: Wheaton Precious Metals WPM.TO down 7.3%; Silvercorp Metals SVM.TO down ~10%; Endeavour Silver EDR.TO drops ~8%

** ETFs: Abrdn Physical Silver Shares SIVR.P and iShares Silver Trust SLV.P both slump over 14%; Global X Silver Miners SIL.P down 7.6%; ProShares Ultra Silver AGQ.P falls as much as 29.6%

 (Reporting by Vallari Srivastava and Pranav Mathur in Bengaluru)

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