New York, January 8, 2026, 10:12 EST — Regular session
- Endeavour Silver falls with the sector even after reporting record annual production
- Silver slides as traders brace for commodity-index rebalancing and U.S. jobs data
- Investors now eye payrolls on Jan. 9 and Endeavour’s Feb. 27 results
Shares of Endeavour Silver fell about 4% to $9.68 in morning trade on Thursday, after the miner posted record 2025 output but silver prices slid. The stock traded between $9.49 and $9.90 early in the session.
The move matters because the silver complex is taking hits from both macro nerves and mechanical flows. Spot silver was down 4.5% at $74.63 an ounce around 9:40 a.m. ET, with traders watching the Bloomberg Commodity Index rebalancing and Friday’s U.S. nonfarm payrolls report. “There’s just going to be pressure for the next few sessions on gold and silver while that commodity index readjusts,” said Bob Haberkorn, senior market strategist at RJO Futures. 1
Endeavour, based in Vancouver, said 2025 production rose to 6,486,661 ounces of silver and 37,164 ounces of gold, with silver-equivalent output of 11.2 million ounces. (Silver-equivalent ounces translate gold and base metals into a single silver figure using preset ratios.) Chief Executive Dan Dickson said, “Endeavour delivered another year of strong growth in 2025, highlighted by record silver equivalent production and the successful ramp-up at Terronera.” The company also reiterated it expects to release fourth-quarter results before the market opens on Feb. 27. 2
Silver has been a crowded trade after a blowout year. Morgan Stanley said this week that silver posted its strongest annual gain in 2025, up 147%, and that China’s new export licence requirements that took effect this year add upside risk by tightening parts of the supply chain. 3
For miners like Endeavour, bigger volumes help, but the metal price still calls the tune. When silver drops hard in a day, the stocks often fall faster because costs do not move in lockstep with the spot price.
But the leverage cuts both ways. A stronger-than-expected jobs report could push rate-cut bets out and keep pressure on non-yielding metals like silver, while index-driven selling can overwhelm fundamentals for a stretch. Company-specific execution still matters too: investors will be listening for cost and throughput updates as Terronera ramps.
Next up is Friday’s U.S. nonfarm payrolls report on Jan. 9, followed by Endeavour’s scheduled fourth-quarter results on Feb. 27.
