Silver’s $80 Breach Sparks Strong Pullback, Miners Feel The Heat: HL, AG, PAAS Stocks Drop Premarket

Spot silver (XAG/USD) prices briefly topped $84 per ounce before crashing back to $74.

• Silver futures for March 2026 deliveries declined 3.2% to $74.72 an ounce
• Despite the intraday pullback, silver remains one of the standout performers of the year, with XAG/USD up more than 160% in 2025.
• HL stock fell 4%, AG shares declined 4.4%, while PAAS stock tumbled 3.6%.

Silver’s meteoric rise ran into headwinds on Monday, as optimism over Ukraine peace talks and profit-taking sent the metal tumbling 5% in a highly volatile trade, pulling miners down in premarket trades.

Spot silver (XAG/USD) prices rose to $84 per ounce before retreating sharply to $74.2 an ounce. Silver futures for March 2026 deliveries declined 3.2% to $74.72 an ounce.

Hecla Mining Co. (HL) fell 4%, First Majestic Silver Corp. (AG) declined 4.4%, while Pan American Silver Corp. (PAAS) tumbled 3.6% in early trade on Monday. 

Meanwhile, spot gold (XAU/USD) was down nearly 1.6% at $4,462.3 an ounce.

“Tentative optimism from the U.S. administration regarding progress in the Ukraine peace talks also represents a mild headwind,” said ActivTrades analyst Ricardo Evangelista, as quoted by Reuters on Monday.

U.S. President Donald Trump said he and Ukrainian President Volodymyr Zelenskiy are “very close” to reaching an agreement to end the war in Ukraine. However, key issues remain, according to multiple reports. Trump said it would become clear within weeks whether negotiations succeed, noting some territorial issues are still unresolved.

Zelenskiy said security guarantees had been agreed, while Trump said talks were about 95% complete and expected Europe to take a leading role with U.S. support.

Short Term Headwinds

Silver faces several short-term headwinds that investors may want to wait out, said Alexander Campbell, former head of commodities at Bridgewater, according to a Market Watch article on Monday. He pointed to year-end tax-related selling and a potentially stronger dollar as near-term pressures.

Campbell also noted silver’s overbought signals and the risk of industrial substitution with copper. Even so, he remains bullish in the long term, citing strong demand for solar and data centers and tight physical supply, which continue to support the market.

How Did Stocktwits Users React?

Retail sentiment for iShares Silver Trust (SLV) remained ‘extremely bullish’ over the past 24 hours, amid ‘extremely high’ message volumes. SLV was among the top trending tickers on Stocktwits at the time of writing.

Despite the pullback, silver remains one of the standout performers of the year, with XAG/USD up more than 160% in 2025, driven by tight supply, robust industrial demand, and its designation as a U.S. critical mineral, far outpacing gold’s roughly 67% rise.

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