NEW YORK, January 1, 2026, 19:15 ET — Market closed
- Pan American Silver shares last closed down about 1.7% at $51.81 on Dec. 31.
- A junior miner backed by Pan American said it signed a $46 million credit facility with the company.
- Investors are watching bullion prices, U.S. rate-sensitive data and Pan American’s Feb. 18 results date.
Pan American Silver Corp (NYSE: PAAS) shares last closed down about 1.7% at $51.81 on Dec. 31, trimming gains into year-end after a sharp run-up for precious metals. 1
The pullback matters because 2026 is starting with bullion prices still near record territory, and silver miners tend to magnify swings in the underlying metal as investors reset risk. Pan American’s revenue is closely tied to silver and gold prices, leaving the stock sensitive to shifts in macro expectations.
Investors are also focusing on miners’ capital allocation after a record year for metals. Pan American’s role in a new financing deal for a smaller developer has added to that discussion.
Gold and silver posted outsized annual gains in 2025 but eased at the end of the year as traders locked in profits and the CME raised margin requirements — the cash traders must post to hold futures positions — Reuters reported. Spot silver ended the year around $72 an ounce after hitting a record $83.62, while spot gold finished near $4,326 an ounce. 2
That late-year dip can hit mining shares quickly, even when the longer-term setup remains favorable, because equities price in volatility and funding costs. Silver’s industrial exposure has also made it more reactive than gold to changes in growth and rate expectations.
Separately, Galleon Gold said it secured a credit facility of up to $46 million from Pan American, with interest at a floating rate of 12‑month prime plus 7% and an initial $11 million draw earmarked in part to buy back a 3% net smelter return royalty — a cut of metal-sale revenue — at its West Cache project. “This financing represents a major milestone for Galleon Gold,” said David Russell, the company’s president and chief executive. 3
For Pan American, the structure adds exposure to a smaller project through loan economics and equity-linked fees without committing to a full acquisition. Investors will weigh that optionality against the producer’s own funding priorities heading into results.
The stock’s near-term direction remains anchored to bullion and broader risk appetite in the mining space. Peers such as First Majestic Silver, Hecla Mining and Coeur Mining often trade as leveraged proxies for spot silver when macro data pushes bond yields and the dollar around.
Pan American’s next scheduled catalyst is its fourth-quarter and full-year 2025 results on Feb. 18, with a conference call set for Feb. 19, the company said. Traders will look for updates on production, costs and any changes to capital returns. 4
U.S. equities were closed Thursday for the New Year’s Day holiday, with trading set to resume Friday. 5
Before the next session, investors will also watch for U.S. weekly jobless claims and construction spending data due Friday morning, which can shift rate expectations and spill into precious metals. 6
Next week brings the Institute for Supply Management’s manufacturing PMI — a survey gauge of factory activity — due Jan. 5 because of an ISM holiday. A weaker print can pressure industrial metals sentiment, while a stronger reading can lift demand expectations for silver-heavy supply chains. 7
The bigger U.S. macro test lands Jan. 9, when the Labor Department releases the December employment report, a key input for Federal Reserve rate expectations that often moves non-yielding assets such as gold and silver. 8
Technicians are watching whether PAAS can hold the $50 area after closing 2025 below its 52-week high of $55.85. The 52-week low sits at $19.85, underscoring how sharply miners have moved with the metals rally. 9
