Retail Investors Make Major Bets on Silver Surge
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 27 2026
0mins
Should l Buy HL?
Source: CNBC
- Record Inflows: On Monday, retail investors poured approximately $171 million net into the iShares Silver Trust (SLV), marking the largest single-day inflow ever recorded, nearly double the previous peak during the 2021 'silver squeeze', indicating a rapid rise in retail enthusiasm for silver.
- Surging Silver Prices: Silver surpassed $100 an ounce last week for the first time, propelling the SLV ETF to a year-to-date gain of over 52% and extending last year's nearly 145% advance, suggesting that silver has become the new favorite among retail investors, eclipsing the allure of tech stocks.
- Increased Trading Momentum: The trading momentum for silver has surged to 11.55 times its normal level, significantly higher than Nvidia's 7.54 times, indicating that the retail chase for silver is more intense, which could positively impact related mining stocks through a 'halo effect'.
- Dual Investment Strategies: While retail interest in silver is soaring, a significant number of investors are also making leveraged bets against silver through ProShares UltraShort Silver (ZSL), reflecting market divergence on price volatility and suggesting that investors are 'structurally repositioning' to gain exposure to a longer-term hard asset cycle.
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Analyst Views on HL
Wall Street analysts forecast HL stock price to rise
7 Analyst Rating
2 Buy
4 Hold
1 Sell
Hold
Current: 17.930
Low
16.00
Averages
23.93
High
36.50
Current: 17.930
Low
16.00
Averages
23.93
High
36.50
About HL
Hecla Mining Company is a silver producer in the United States and Canada. The Company discovers, acquires and develops mines and other mineral interests and produces and markets concentrates containing silver, gold, lead, zinc and copper; carbon material containing silver and gold, and unrefined dore containing silver and gold. The Company's segments include Greens Creek, Lucky Friday, Keno Hill and Casa Berardi. The Greens Creek operation is located on Admiralty Island, near Juneau, Alaska. The Greens Creek ore body contains silver, zinc, gold and lead. The Lucky Friday mine is a deep underground silver, lead, and zinc mine located in the Coeur d’Alene Mining District in northern Idaho. The Casa Berardi mine is an underground/open-pit gold mine located in western Quebec. It owns 100% of the Keno Hill Silver Project, which is located within the Keno Hill Silver District in Canada’s Yukon Territory. The Company also owns a number of exploration and pre-development projects.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Performance Comparison: As of 2026, the S&P 500, Nasdaq-100, and Dow Jones Industrial Average have each declined over 5%, while the Russell 2000 small-cap index remains flat, demonstrating its relative resilience amid geopolitical tensions, potentially attracting risk-averse investors.
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- Small-Cap Returns: Bloom Energy's stock has surged by 500% over the past year, while Credo Technology's stock has increased by over 700% in the last five years, highlighting the strong performance of small-cap stocks driven by surging demand in specific sectors, which may draw more investor attention.
- Policy Support Impact: The Trump administration's tariff policies and regulatory rollbacks benefit domestic companies, further enhancing the Russell 2000 index's performance; although large firms excel in rapid growth, small businesses exhibit stronger resilience in the current environment.
See More
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- Market Performance Divergence: At the start of 2026, the U.S. stock market faces declines over 5% in major indices like the S&P 500 and Nasdaq-100 due to geopolitical tensions in the Middle East driving oil prices up, while the Russell 2000 index remains flat, showcasing the resilience of small-cap stocks.
- Small-Cap Advantages: The Russell 2000 index includes approximately 2,000 small companies across 11 economic sectors, with healthcare, industrials, and financials being the largest, offering a more balanced portfolio compared to the S&P 500, which is heavily concentrated, thus providing steadier returns with lower volatility.
- Impressive Individual Stock Performance: Stocks like Bloom Energy have surged 500% in the past year, and Credo Technology has increased over 700% in five years, indicating that small-cap stocks can deliver remarkable returns driven by specific market demands, attracting investor interest.
- Favorable Policies: Tariff policies and reduced regulatory burdens from the Trump administration benefit domestic companies, enhancing the competitiveness of small-cap stocks, and 2026 is expected to be a strong year for the Vanguard Russell 2000 ETF as a result.
See More
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- Price Range Analysis: The SILJ ETF has a 52-week low of $10.01 and a high of $41.10, with the latest trade at $27.72, indicating significant volatility over the past year that reflects changing market demand for precious metals.
- Technical Analysis Tool: Comparing the latest share price to the 200-day moving average provides investors with valuable insights for technical analysis, aiding in the assessment of market trends and potential buy or sell opportunities.
- ETF Unit Trading Mechanism: ETFs trade like stocks, where investors are buying and selling 'units' that can be created or destroyed based on investor demand, impacting the underlying holdings of the ETF.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding helps identify ETFs experiencing notable inflows (new units created) or outflows (old units destroyed), assessing market sentiment and the potential impact on individual components.
See More
Analysis of Gold and Silver Investment Dynamics
- Rising Speculative Demand: While speculative investments have driven up gold and silver prices, during broad market sell-offs, investors tend to liquidate these assets, leading to increased volatility and questioning their reliability as safe-haven investments.
- Significant Demand Changes: In 2025, gold jewelry demand fell to 1,638 tonnes, a decrease of 388 tonnes from 2024, and central bank demand also unexpectedly declined, indicating that weakening underlying demand could impact future price trends despite rising prices.
- Silver Demand Analysis: In 2025, industrial demand for silver slightly decreased to 677 million ounces, and although investment demand increased, it was not enough to fully offset the decline in underlying demand, suggesting challenges in market confidence for silver investments.
- Uncertain Market Outlook: Given the volatility surrounding geopolitical tensions and the Iran War, now may not be the best time to invest in gold and silver, as further speculative money may flow out of these precious metals, impacting their price stability.
See More
Analysis of Current Gold and Silver Market Conditions
- Market Sell-off Impact: The recent broad sell-off in assets has led to volatility in gold and silver prices, and while the long-term outlook remains attractive, investors must reassess risks in the short term, especially when speculative demand dominates.
- Demand Trend Changes: In 2025, total gold demand reached 4,999 tonnes, an increase of 370 tonnes from 2024, but declines in jewelry and central bank demand indicate weakening underlying demand, which could affect future price trajectories.
- Silver Demand Analysis: Total silver demand in 2025 was 1,148 million ounces, down 16 million ounces from 2024; although investment demand increased, it was insufficient to offset declines in industrial and jewelry demand, suggesting ongoing market pressures.
- Geopolitical Risks: Due to uncertainties surrounding the Iran War, speculative funds in gold and silver may flow out in the near term, prompting investors to carefully consider their entry timing to avoid potential market volatility.
See More
Hecla Mining's Series B Preferred Stock Performance Analysis
- Stock Performance: In Friday trading, Hecla Mining Co's $3.50 Series B Preferred Stock (Symbol: HL.PRB) rose approximately 5%, while the common shares (Symbol: HL) increased by about 3.9%, indicating a relatively strong performance of the preferred stock that may attract more investor interest.
- Dividend History: The historical dividend payments of HL.PRB demonstrate its stability as a convertible preferred stock, allowing investors to receive relatively fixed returns, which enhances its appeal in uncertain market conditions.
- Market Reaction: The preferred stock's greater increase compared to common shares may reflect market confidence in the company's future cash flows and profitability, further driving demand for the stock among investors.
- Investor Perspectives: Although the author's views do not represent those of Nasdaq, the positive market response to HL.PRB may suggest that investors hold an optimistic outlook on Hecla Mining's overall performance, especially in the current economic environment.
See More
