Stocks of companies that mine for silver are surging as the price of the metal hits an all-time high.
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Shares of Hecla Mining (HL), which owns silver mines across North America, were up as much as 5% on Jan. 14. Other mining stocks such as Endeavour Silver (EDR) and First Majestic Silver (AG) rose about 2% on the day as the gray-colored metal’s price broke above $90 an ounce for the very first time.
Exchange-traded funds (ETFs) that track the spot price of silver are also marching higher, with the iShares Silver Trust (SLV) up as much as 6%. The rise in stocks tied to silver continues a trend that has been ongoing for more than a year.
Silver’s Epic Rally
The price of silver hit a new all-time high of $92.03 on Jan. 14, having risen 6% in 24 hours. So far in 2026, silver’s price has increased nearly 30% as investors continue to pile into the metal that is used both for industrial applications and to manufacture jewelry.
Silver is coming off an epic rally in 2025, which saw its price increase 150%, its best annual performance in 45 years. The continued rise in silver’s price, which has outperformed gold for more than a year, is driving the stocks of mining companies higher as well.
Wall Street expects silver’s price to continue gaining ground in 2026 as geopolitical uncertainty leads investors and central banks to buy the metal. Commodities analysts at Citigroup (C) recently raised their three-month price target on silver to $100 an ounce.
Is HL Stock a Buy?
Hecla Mining’s stock has a consensus Hold rating among six Wall Street analysts. That rating is based on two Buy, three Hold, and one Sell recommendations issued in the last three months. The average HL price target of $15.42 implies 35.44% downside from current levels.
