Silver's Record Run Hits Turbulence as Hecla and Pan American Head Into Earnings

Silver's powerful 2026 rally met a sharp late-week pullback, with spot silver sliding 3.8% Thursday to around $57 per ounce after touching record territory. Silver miners reacted quickly, though Hecla Mining still outperformed peers, gaining about 5.5% versus a peer median of 3.6% as investors positioned ahead of earnings.

Hecla recently forecast lower 2026 silver output, but the stock has held up on the strength of realized prices that remain far above year-ago levels. The company reports second-quarter results after the close on Tuesday, August 4, with its earnings call the following morning.

Pan American Silver follows on August 12, where consensus calls for earnings of $0.88 per share — more than double a year ago. Analysts say tight supply continues to favor the major silver producers even after the metal's shakeout.