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    Silver price soars after Comex outage: hedging implications for mine planners

    November 29, 2025|

    Reviewed by Tom Sullivan

    Silver price soars after Comex outage: hedging implications for mine planners

    First reported on MINING.com

    30 Second Briefing

    Silver prices jumped 4% to a record spot level of US$55.66/oz after a technical outage halted trading on the CME Group’s Comex platform. The spike follows weeks of tightness in physical supply reported by major bullion banks and refiners, with elevated lease rates and backwardation already signalling stress in near-term delivery. Price volatility at these levels may complicate hedging strategies for primary silver producers and polymetallic miners, particularly those with high by-product exposure in Mexico and Peru.

    Technical Brief

    • For project finance models, short-lived spikes of this type rarely justify revising long-term silver price decks.

    Our Take

    A spot price of US$55.66/oz materially improves project economics for high‑capex silver developments such as Minaurum’s Alamos district in Mexico, potentially pulling marginal or lower‑grade veins into mineable reserve categories in upcoming studies.

    For brownfield underground assets like Excellon’s Mallay gold‑silver mine in Peru, a sustained silver price near current levels tends to justify deeper exploration and higher development spend per metre, which can change sequencing towards higher‑risk, high‑grade targets.

    With several silver‑tagged pieces in our recent mining coverage, this record price environment is likely to sharpen competition for quality silver projects and concentrate financing towards assets that can move into production or expansion decisions within a relatively short timeframe.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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