Spot silver
$68.92
+2.6% Friday · per ounce
Pan American Silver Sees Price-Cost Spread Top $51 as Silver Surges
NEW YORK, August 21, 2026, 06:08 EDT — The most recent jump in silver prices has pushed Pan American Silver Corp.’s indicative price-cost spread to more than $51 per ounce.
NYSE / TSX: PAAS · Silver leverage monitor
Silver near $69 puts the spread in focus
Pan American Silver Corp. · Market snapshot captured August 21, 2026, 06:08 EDT / 12:08 CEST
U.S. cash market: pre-open
PAAS regular close
$51.56
+2.5% on Aug. 20 at 16:00 EDT
After-hours
$50.85
-1.38% at Aug. 20, 20:00 EDT
Indicative spread
$51.12
Spot less Q2 Silver Segment AISC
Price versus cost
Silver’s spot price is 3.87 times Pan American’s Q2 Silver Segment AISC. The $51.12 difference is an operating-leverage gauge, not an accounting profit margin.
AISC is a non-GAAP measure, net of by-product credits. It excludes several corporate and financing items.
Operating leverage
2026 silver guidance25m–27m oz
Q2 silver production6.47m oz
Q2 attributable FCF$344m
Q2 revenue$1.124bn
$1/oz annual revenue sensitivity$25m–$27m
Illustrative spread envelope$1.28bn–$1.38bn
Five-session PAAS path
+8.7% from Aug. 14 through Aug. 20. Closing prices in USD; latest point is Aug. 20, 16:00 EDT.
Analyst recommendation check
| Firm | View | Target |
|---|---|---|
| CIBC | Buy | C$130.44 |
| BMO Capital | Hold | C$75.00 |
| BofA Securities | Buy | C$95.75 |
| RBC Capital | Buy | C$90.20 |
| Scotiabank | Buy | C$95.00 |
| 9-analyst consensus | Buy | C$92.00 |
Targets apply to TSX:PAAS. Latest listed updates run through August 13, 2026.
Capital return anchor
Q2 shares repurchased4.4m
Q2 repurchase value$224m
Average repurchase price$51.46
Aug. 20 close vs. buyback average+$0.10 / +0.2%
Q2 dividend per share$0.184
Record date: August 24, 2026. Expected payment: September 4, 2026.
What can break the setup
Silver is still 40.89% below its January record. Volatility cuts both ways.
Higher real yields or a stronger dollar can reverse the precious-metals bid.
Mine sequencing, labour, weather, royalties and taxes can absorb metal-price gains.
AISC uses by-product credits and should not be read as a full corporate cash cost.
Commodities Outlook: Oil’s 6% Jump Puts Pressure on Gold and Metals Rate Strategies
Commodity markets begin the week facing three inflation drivers. Oil is causing an instant price surge. Gold is reacting to policy developments. Food and industrial metals are accumulating supply threats that could emerge in the future.
Coeur Mining (NYSE:CDE) rises after Las Chispas drilling plan delivers added efficiency per dollar
Shares of Coeur Mining, Inc. gained 3.5% on Wednesday, marking the first complete trading day following the exploration update released on Tuesday. The stock ended the session at $15.84.
Coeur Mining (NYSE:CDE) reaches same market capitalisation as Pan American Silver (NYSE:PAAS) ahead of cash-flow evaluation
Shares of Coeur Mining, Inc. rose alongside bullion on Wednesday, with the company's market capitalisation hitting $16.49 billion, slightly surpassing Pan American Silver Corp..
Gold, Silver Week Ahead: Why a Hormuz Shock May Hurt Bullion Before It Helps
With bullion markets closed for the weekend, gold and silver are set to reopen in Asian trade on Monday into a fresh escalation around the Strait of Hormuz. But the first response may again be higher oil and rate expectations rather than a clean safe-haven bid: Iran said the waterway was closed, while U.S. Central Command said traffic was flowing after heavy strikes on Sunday.
Silver up as traders buy on Fed risk worries
Spot silver climbed Thursday, getting closer to $59 an ounce as a weaker dollar lifted precious metals after Wednesday’s drop. Kitco’s live quote showed spot silver at $58.82 a troy ounce, up $0.68. The session traded between $57.47 and $59.60.
Gold, silver up after Strait of Hormuz deal puts oil under pressure
Gold and silver gained Monday, but oil prices slid after the U.S. and Iran agreed to halt fighting and reopen the Strait of Hormuz. The energy market has tracked the strait for months. Both sides plan to sign an MOU in Switzerland on Friday, though details are still missing. Their nuclear talks have been delayed for another 60 days.
Silver Tops $70 With Attention on Fed Policy
Silver jumped Monday, spot silver last trading at $70.69 an ounce, up 3.91% since Friday, FXStreet reported. Reuters looked higher, showing $70.76 for a 4.1% gain. Precious metals advanced as early U.S.-Iran peace talks drove oil lower and knocked the dollar.
Gold Watch: $4,500 Level in Focus for Next Move
Gold held close to $4,500 an ounce heading into the weekend, logging a second week of losses. Oil-fueled inflation concerns and rising Federal Reserve rate-hike bets offset some safe-haven demand for bullion. StoneX’s Rhona O’Connell said investors are “fixed upon Hormuz,” tying risks around the Strait of Hormuz to supply chain fears, inflation and chances for higher rates.
Silver Price Forecast: Why Silver Just Fell Below $80 — and What Happens Next
Silver slipped under the $80 mark on Friday, marking a steep slide for precious metals as oil’s rally rekindled inflation worries and sent investors flocking to the dollar. Spot silver tumbled 5.9% to $78.53 an ounce as of 0631 GMT. Gold, platinum, and palladium also retreated.
Gold’s $4,700 Test: Iran Standoff and Hot Inflation Put Bullion on the Back Foot
Gold dropped off a three-week peak Tuesday, easing to about $4,700 an ounce. The dollar strengthened, oil prices climbed, and a stronger-than-expected U.S. inflation report dented appetite for bullion. Earlier in the session, prices had benefited from uncertainty over the shaky U.S.-Iran ceasefire, but the rally fizzled as traders held onto bets that the Federal Reserve could keep policy tight.
What Influences the Price of Gold? 9 Forces That Can Make Gold Explode — or Drop When Everyone Expects a Rally
Gold isn’t just another metal; it trades like a hybrid—commodity, currency, risk barometer, and hedge against political chaos. It’s never as straightforward as just “supply and demand,” though those forces still count. Ask what really drives gold, and there’s always a tangle of answers. Take late 2025: gold surged above $4,000, marking the first time it held that level through the year’s close. Factors? Dollar softness, Fed chatter, and jittery politics all played their part, according to LBMA.
Silver ETF Showdown: Lower-Fee SIVR Challenges BlackRock’s SLV as Silver Miners Outrun Gold
After a rapid spike and retracement in silver prices, ETF buyers are facing a familiar dilemma: go for the lowest-cost option, or pick the product offering more direct exposure to the metal itself?
Gold Price Forecast: Fed Signal, Iran Talks Put $4,700 Bullion Level Back in Play
Gold hovered just below $4,700 an ounce on Monday, finding some lift from a weaker dollar, but lingering worries about climbing oil prices and the possibility of higher-for-longer U.S. interest rates kept gains in check. As of 0728 GMT, spot gold ticked up 0.1% to $4,714.51 per ounce, while June U.S. gold futures edged down 0.2% to $4,729.40.
Gold Price Today Near $4,784 as Weaker Dollar Keeps Bullion on Track for Fourth Weekly Gain
Gold hovered close to $4,784 an ounce early Friday, eyeing a fourth week of gains. Spot prices dipped 0.1% as of 0815 GMT; U.S. gold futures slipped by the same margin. Still, bullion was up roughly 0.9% for the week.
Silver Price Today Slips Near $79 as New Deficit Warning Keeps Market Tight (Reuters)
Silver pulled back slightly Wednesday. By 1:31 p.m. ET, spot silver had dipped 0.2% to $79.40 an ounce—still hovering near Tuesday’s $79.48 close after that 5.2% surge.
Silver Price Today Jumps Above $79 as Dollar Slides, Iran Talk Hopes Lift Metals
Spot silver surged 5.2% to $79.48 an ounce by 1:34 p.m. ET Tuesday, up from $75.71 the previous session. The move followed a softer dollar and sliding oil prices, as traders wagered U.S.-Iran negotiations might resume.
Gold Price Today Holds Near $4,670 as Iran Deadline and Fed Rate Fears Cap Bullion (Reuters)
Gold hovered just under $4,670 an ounce on Monday, clawing back after slipping earlier. Traders are eyeing President Donald Trump’s final Tuesday deadline for Iran to strike a deal over the Strait of Hormuz, even as they scale back expectations for U.S. rate cuts. By 11:22 a.m. ET, spot gold was flat at $4,669.27, following a 1% drop earlier in the session. U.S. gold futures tacked on 0.3% to $4,694.50.
Silver Price Today: Spot Silver Jumps 6.7% as Dollar Softens, but March Losses Still Bite
Spot silver jumped 6.7% to $74.64 an ounce on Tuesday, bouncing alongside other precious metals as the dollar slipped and investors responded to fresh indications that tensions with Iran may not escalate. Gold advanced 3.2%, platinum tacked on 3.1%, and palladium surged 5.2%.
Goldman Sachs Keeps $5,400 Gold Price Target After Gold’s Worst Month Since 2008
Gold was flat on Tuesday, with spot prices ticking up 1.1% to $4,559.46 an ounce at 1005 GMT, but the metal’s on track for its worst monthly slide since 2008—down over 13% in March. Still, Goldman Sachs is sticking by its $5,400-an-ounce forecast for the end of 2026.
TechStock² Updates
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