NEW YORK, December 30, 2025, 12:49 ET — Regular session
- Pan American Silver shares were up 2.1% at $53.36 in midday trade.
- Silver rebounded sharply after a margin-driven selloff and profit-taking hit precious metals.
- Focus turns to Fed minutes later Tuesday and Pan American’s Feb. 18 results.
Pan American Silver Corp (PAAS) shares rose 2.1% to $53.36 by 12:49 p.m. ET on Tuesday, tracking a rebound across silver-linked miners. The stock traded between $52.44 and $54.32, with about 2.6 million shares changing hands.
The move matters because silver has been whipsawed into the final days of the year, and miners often magnify those swings. For producers, revenue moves with the metal while many operating costs remain relatively fixed in the short run.
That operating leverage can boost cash flow quickly when silver rises, but it can also bite when prices drop. It makes silver miners a fast proxy for traders trying to express a view on the metal without touching futures contracts directly.
Spot silver rose 4.7% to $76.38 an ounce at 11:29 a.m. ET after touching an all-time high of $83.62 on Monday before suffering its biggest daily drop since August 2020, Reuters reported. “Things have stabilised somewhat today,” said Peter Grant, vice president and senior metals strategist at Zaner Metals, in the same report. Silver has surged 161% in 2025, according to Reuters, leaving the market prone to sharp profit-taking, with U.S. Federal Reserve minutes due at 2 p.m. ET. 1
CME Group said its clearing house approved updated “performance bond” requirements, effective after the close on Dec. 29. Performance bonds—commonly called margin—are the cash traders must post to hold futures positions, and increases can force leveraged investors to reduce exposure. 2
Investopedia said the CME’s margin hikes helped trigger Monday’s plunge in gold and silver after a rapid run-up to record highs. The publication said the higher collateral demands accelerated profit-taking among futures traders. 3
Other precious-metals names moved in the same direction on Tuesday. First Majestic Silver rose 3.1%, Hecla Mining gained 3.2% and Wheaton Precious Metals added 1.9%, while the Global X Silver Miners ETF and Amplify Junior Silver Miners ETF also traded higher.
Pan American produces silver along with gold, zinc, lead and copper, giving it exposure to several metal prices at once. Even so, the stock often trades as a read-through for silver sentiment because it has sizable silver production. 4
Investors are also looking ahead to the company’s next scheduled update. Pan American’s investor calendar lists fourth-quarter and year-end 2025 financial results for Feb. 18 after the market close, with a conference call and webcast on Feb. 19 at 11:00 a.m. ET. 5
Into the afternoon, attention is on whether silver’s rebound holds as the market digests the impact of higher futures margins. Traders will also look to the Fed minutes for clues on 2026 rate cuts, a key driver for the dollar and real yields that can sway precious metals.
Pan American’s intraday range shows how quickly sentiment is shifting after the latest shock. With silver volatility elevated, miners remain exposed to sudden bursts of de-risking if futures trading costs rise again.
