COPENHAGEN, February 2, 2026, 11:01 CET — Trading session underway.
Pandora (PNDORA.CO) shares jumped 8.6% to 552.8 Danish crowns by 0947 GMT, building on a 5% rise from the day before. The stock fluctuated between 540 and 559.6 during the session but remains roughly 60% lower than a year ago.
This matters because silver is a crucial factor for the jewellery sector. When its price jumps unpredictably, investors usually worry about margins before diving into other details, especially as earnings reports approach.
Pandora announced on January 9 it expects 2025 organic growth of 6% and an EBIT margin near 24%. The company plans to release audited full-year results on February 5. New CEO Berta de Pablos-Barbier said she will use that report to outline priorities for 2026 and to “reduce our commodity exposure.” Pandora also highlighted that its jewellery is made with recycled silver and gold and noted it is listed on Nasdaq Copenhagen. Pandora
Organic growth excludes the impact of currency fluctuations and acquisitions. EBIT margin represents earnings before interest and tax as a percentage of sales.
Spot silver plunged 12% to $74.48 an ounce by 0726 GMT, extending a record 27% drop on Friday as the precious metals selloff worsened. CME Group announced higher margin requirements on precious-metals futures—the cash traders must post to maintain positions—with the hike set to kick in after Monday’s close. Tim Waterer of KCM Trade told Reuters this was driving “forced liquidations and margin increases” across the market. Meanwhile, Ilya Spivak at Tastylive called the move a “speculative speed bump” following Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve. Reuters
Traders see cheaper silver as a possible cost advantage for Pandora down the road. Right now, the play is straightforward: lower input costs boost gross margin calculations.
But the advantage isn’t guaranteed. Jewellery manufacturers purchase metal before they start production, and spot prices can jump quickly in a market shaken by margin calls and forced selling.
Investors are eyeing February 5 for the full-year results, new guidance, and de Pablos-Barbier’s take on trimming commodity exposure and safeguarding margins amid metal price volatility.
