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.
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.
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. Reuters
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.
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.
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.
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.
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.
