Silver Surges Past $92 for First Time, Up 200% Year-to-Date
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 14 2026
0mins
Source: Benzinga
- Historic High: Silver prices surged past $92 per ounce for the first time on Wednesday, marking a 200% increase year-to-date, a phenomenon that has stunned long-time investors and reflects changing market expectations regarding inflation and monetary policy.
- Macroeconomic Context: Producer price data showed no unexpected increases, reinforcing market expectations that the Federal Reserve will continue to cut interest rates later this year, while strong retail sales data indicates resilient consumer demand, creating a rare backdrop of easing policy alongside economic strength.
- Tight Supply Dynamics: The silver market remains in a multi-year deficit with constrained liquidity and new mine supply failing to keep pace with demand, driving prices higher, particularly as industrial demand expands in sectors like data centers and clean energy technologies.
- Investment Opportunities: Despite a 200% rise in silver prices, mining equities, as represented by the Global X Silver Miners ETF, have only increased by nearly 30% over the past three months, indicating potential catch-up opportunities, especially with top-performing miners like Hycroft Mining showing gains of 332.8%.
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Analyst Views on HL
Wall Street analysts forecast HL stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for HL is 15.42 USD with a low forecast of 12.00 USD and a high forecast of 19.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
2 Buy
3 Hold
1 Sell
Hold
Current: 28.310
Low
12.00
Averages
15.42
High
19.00
Current: 28.310
Low
12.00
Averages
15.42
High
19.00
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.
Hecla Mining Achieves Record Silver and Gold Production in 2025
- Silver Production Surge: Hecla Mining's silver production reached 17 million ounces in 2025, exceeding 2024 levels by over 5% and hitting the upper end of production guidance, indicating strong performance and growth potential in the silver market.
- Record Gold Output: The company achieved a gold production of 150,509 ounces in 2025, surpassing the guidance target of 150,000 ounces, reflecting effective management and resource allocation in gold mining operations.
- Increased Investment: Hecla plans to boost exploration and pre-development investments to $55 million in 2026, nearly doubling the amount from 2025, demonstrating confidence in future growth and commitment to resource development.
- Cost Control Strategy: The expected total sales cost for silver in 2026 is $471 million, with cash costs projected at $1.50 to $1.25 per ounce and AISC at $15.00 to $16.25 per ounce, showcasing the company's strategic planning to maintain profitability.
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Hecla Mining Sells Casa Berardi for Up to $593M
- Asset Sale Agreement: Hecla Mining has agreed to sell its Casa Berardi operation in Quebec to Orezone Gold for up to $593 million, advancing its strategy to focus on premier silver assets.
- Cash and Stock Structure: Under the deal terms, Hecla expects to receive $160 million in cash at closing, $80 million in deferred cash, approximately 65.7 million Orezone shares valued at about $112 million, and contingent consideration of up to $241 million.
- Silver Production Growth: Hecla reported FY 2025 silver production of 17 million ounces, exceeding guidance and up over 5% year-over-year, while gold output reached 150,509 ounces, surpassing last year's 141,923 ounces and the top end of guidance.
- Future Production Guidance: For FY 2026, Hecla guided for consolidated silver production of 15.1 to 16.5 million ounces and gold production of 134,000 to 146,000 ounces, expecting lower ore grades at key mines but maintaining strong silver margins.
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