NEW YORK, December 31, 2025, 14:17 ET — Regular session
Endeavour Silver Corp (NYSE: EXK) shares fell 2.7% to $9.54 in early afternoon New York trading on Wednesday. The stock traded between $9.42 and $9.89, with about 9.3 million shares changing hands.
The move highlights how quickly sentiment can shift for silver-linked stocks into year-end, after a blockbuster run in the metal. For miners, day-to-day swings in bullion can feed straight through to revenue expectations and risk appetite.
A fresh jump in trading costs helped set the tone. CME Group raised margin requirements on gold and silver futures for the second time in about a week, Bloomberg reported, after a sharp price spike and pullback in precious metals. 1
Margins are the cash collateral traders must post to hold a futures position. When margins rise, highly leveraged investors often cut positions to reduce the cash tied up in trades, which can amplify near-term selling pressure.
Policy headlines have also kept traders on edge. China’s Commerce Ministry on Tuesday named 44 companies permitted to export silver during 2026 and 2027, part of a broader tightening of controls on minerals Beijing deems critical. 2
Broader silver plays fell more sharply than Endeavour on the day. The iShares Silver Trust ETF was down 5.7%, while the Global X Silver Miners ETF fell 1.7%; peers Hecla Mining, Pan American Silver and Coeur Mining were down 1.4%, 1.0% and 0.4%, respectively.
“All the metals moved up to recent and all-time highs. We are seeing profit-taking pullbacks off of those spectacularly high levels,” David Meger, director of metals trading at High Ridge Futures, said in a Reuters report. 3
Silver’s rally has been extreme. The metal gained 161% in 2025 and first broke the $80-an-ounce mark, Reuters reported, with analysts also pointing to expected rate cuts in 2026 as a potential tailwind for precious metals. 4
Endeavour, which operates mines in Mexico and acquired Minera Kolpa in Peru this year, said its Terronera project in Mexico reached commercial production as of Oct. 1 after meeting management’s criteria on throughput and recoveries. 5
Management has flagged another near-term milestone. In its third-quarter conference call transcript, the company said it plans to issue annualized 2026 production and cost guidance for Terronera in January, alongside consolidated guidance. 6
Investors will also look for updates at early-2026 industry events. Endeavour’s calendar lists appearances at the CIBC Western Institutional Investor Conference in late January and PDAC in early March. 7
With most markets closed on Thursday for the New Year holiday, thin liquidity can exaggerate price moves in commodities and the stocks tied to them. 8
