Gold price

Gold prices shot up on March 2 to US$5,400 per ounce as the war broke out in the Middle East.

While many may have expected the price of gold to continue skyrocketing on safe-haven demand during an escalating war, this typically is not the case in a region where military conflict can greatly impact oil prices..

Historically, gold prices get an immediate ‘safe-haven bump’ when conflict breaks out in the oil-rich Middle Eastern region. Yet, time and time again we’ve seen these gains are short-lived as macroeconomic factors like rising oil prices and a stronger US dollar often take over the direction of gold prices.

It’s been a choppy week for gold prices as investors weigh safe-haven concerns with a shifting inflation outlook. On March 5, the yellow metal managed an intraday high of US$5,164.05, before paring those gains down to a low of US$5,058.14 as liquidity stresses and renewed inflation fears outweighed gold’s traditional safe-haven role.

Gold reversed course on March 6, rising to an intraday high of US$5,171.92 as prices stabilized after a sharp mid-week correction. The oil price surge weighed on rate-cut bets, pushing prices down again Monday (March 9) morning to US$5,071.03; however, by the end of the trading session the yellow metal had reversed course to close at US$5,136.97.

By early morning trading Tuesday (March 10), the precious metal had reached an intraday high of US$5,235.61, before retreating to close at US$5,191.81. This was fueled by a ‘most intense’ day of U.S. strikes against Iran, despite conflicting signals from the White House regarding the conflict’s end.

On Wednesday (March 11) morning, the release of US Consumer Price Index (CPI) data showed headline inflation up by 2.4 percent over the last 12-months in February.

More US economic data will come on Friday (March 13) with the release of personal consumption expenditures (PCE) index for February, which analysts are projected will show upwards of 2.7 percent year-over-year growth.

With the threat of stickier inflation, gold investors are anticipating that the US Federal Reserve will sit on current interest rates for longer. In response, gold traded back down to as low as US$5,148.30 early Wednesday morning.

Still, gold prices are proving resilient given the long-term fundamentals for the metal. As of 12:00 p.m. PST Wednesday (March 11) gold was trading at US$5,170.83.

Gold price chart, March 5, 2026, to March 11, 2026.

Here are the primary drivers for gold this past week:

• Geopolitical conflict in the Middle East remains the primary driver for safe-haven gold this week. Investors are getting mixed signals as to how long this conflict could last and how much damage it will do to global oil markets.

• US economic data pointing to higher inflation for longer.

• A weakened US dollar and a retreat in 10 year Treasury yields provided some support for gold.

• Investor profit-taking is still at pay this week as are expected technical pullbacks in what many gold analysts believe is a broader uptrend in prices for the yellow metal.

In other gold news, Venezuela’s state-owned mining company, Minerven, has agreed to sell between 650 and 1,000 kilograms of gold dore bars to commodities trading house Trafigura.

The multimillion-dollar arrangement, brokered by US officials, will see a shipment of gold potentially worth more than US$100 million delivered to US refineries under a separate arrangement with the US government.

Silver price

Silver has also experienced a volatile week, but the white metal has made bigger gains than gold, although it didn’t reach last week’s high of US$95.71 per ounce. Silver traded at an intraday low of US$81.28 on March 5 before closing at US$82.23. The following day (March 6), the price of silver closed even higher up at US$84.54.

Monday saw silver move higher to reach US$87. Tuesday brought further gains for silver as fears that the Middle East conflict would escalate dissipated slightly and the dollar weakened. The white metal rose as high as US$89.70 in morning trading before closing up at US$88.34.

Silver sank a bit on Wednesday morning alongside gold to as low as US$84.61 before rising to US$85.46 by 12:00pm PST.

Silver price chart, March 5, 2026, to March 11, 2026.

As the world’s most electrically and thermally conductive metal, silver is still receiving strong support from industrial demand, especially from solar panels, electric vehicles and artificial intelligence technology. The entrenched silver supply deficit also continues to provide a floor of support for the metal’s price.

In silver mining news, major silver producer Pan American Silver’s (TSX:PAAS,NYSE:PAAS) exploration program at its La Colorada silver mine in Zacatecas, Mexico, led to the discovery of four new high-grade veins. Within about 40 percent of the holes drilled returned silver assays exceeding 1,000 grams per tonne.

Platinum price

Investors are increasingly using platinum as a defensive hedge alongside gold amid global instability.

The platinum price traded above the US$2,100 per ounce mark for much of March 5, closing up at US$2,128.60. March 6 brought more volatility, with the precious metal pushing up to US$2,176.10 before closing at US$2,130.70.

On Monday, the price of platinum had climbed as high as US$2,195 near the end of the trading day. Tuesday brought further upside for platinum prices as they rose as high as US$2,242.90 in the morning trade before closing just slightly above the US$2,200 level.

Early Wednesday morning saw platinum slide with the other precious metals to a low of $2,166.80, but quickly spiked to US$2,218.90 before settling down to U$2,178.90 by 12:00 PST.

Platinum price chart, March 5, 2026, to March 11, 2026.

Production remains tight as aging mines and power instability continue to plague South Africa’s platinum mining sector which accounts for more than 70 percent of global supply. Depleted above-ground stocks are providing a floor that prevents deep price collapses.

On the demand side, automakers continue to use platinum in catalytic converters, anchoring long-term industrial demand. As for investment demand, a surge in bar and coin buying, particularly in China and India, is helping support prices.

Palladium price

Palladium was not immune to the volatility trend for precious metals prices this past week.

On March 5, palladium slipped from US$1,658 per ounce to as low as US$1,635 before finishing the day at US$1,649. Palladium prices followed this pattern again on March 6 as the metal started the morning session trading at around US$1,665, later falling back down to US$1,635 again before swinging back up to an intraday high of US$1,671 before closing at US$1,656.

On Monday, palladium gained much ground, climbing as high as US$1,715 on safe-haven demand. However, the following day palladium’s price tracked downward to close at US$1,678.50 on US dollar strength and profit-taking.

Wednesday saw palladium trade in a range of US$1,634.50 to US$1,673.50 before hitting US$1,648.50.

Palladium price chart, March 5, 2026, to March 11, 2026.

Palladium is facing the same pressures as the rest of the precious metals, rising global inflation fears alongside safe-haven demand. Prices for palladium may be trading at three-month lows this week, however there is lots of support for the US$1,650 to $1,700 range given supply constraints and shifts in government automotive policies.

Persistent supply issues include production disruptions in South Africa and uncertainty over Russian exports. On the demand side, regulatory changes in Europe extending the time period when gas-powered vehicles can remain on the market means palladium will still be in demand for use in catalytic converters.

1. Pan American Silver (TSX:PAAS,NYSE:PAAS)

Market cap: C$37.1 billion
Share price: C$92.37

Pan American Silver is among the world’s largest primary silver producers, with silver assets located throughout the Americas and operations in Peru, Mexico, Bolivia, Argentina and Chile. Its largest wholly owned silver-producing asset is its La Colorada mine in Mexico.

Pan American also has a 44 percent stake in the Juanicipio mine in Central Mexico following its US$2.1 billion acquisition of MAG Silver that closed in September 2025. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.

According to Pan American’s Q4 and full year 2025 report, its operations produced a record 7.28 million ounces of attributable silver in Q4 boosted by the addition of the Juanicipio mine. Juancipio is now the company’s biggest silver producer, producing 1.91 million ounces of attributable silver in Q4.

The La Colorada mine was the second highest contributor at 1.61 million ounces of silver. Other significant contributions came from the El Peñon gold-silver mine in Chile at 1.06 million ounces of silver, Cerro Moro in Argentina at 920,000 ounces, Huaron in Peru at 780,000 ounces and San Vicente in Bolivia at 760,000 ounces.

For the full year, Pan American produced 22.8 million ounces of attributable silver, coming in above its annual guidance. The company also provided guidance for 2026, estimating production of 25 million to 27 million ounces of attributable silver and all-in sustaining costs for its silver segment of US$15.75 to US$18.25 per ounce.

2. First Majestic Silver (TSX:AG,NYSE:AG)

Market cap: C$19.75 billion
Share price: C$42.59

First Majestic Silver has three wholly owned silver-producing mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. The first two produce gold as well.

Additionally, the company holds a 70 percent stake in the Los Gatos silver mine in Chihuahua, which also produces zinc, lead and gold as byproducts. First Majestic acquired the property in January 2025 through a merger with Gatos Silver; Japan’s Dowa Holdings (TSE:5714) owns the remaining 30 percent.

On top of its mining operations, First Majestic mints and sells silver bullion from its First Mint facility in Nevada, US. The company commenced sales in March 2024.

According to its full year 2025 production report, First Majestic achieved record Q4 silver production of 4.17 million ounces of silver, a 77 percent year-over-year increase from 2.35 million ounces.

First Majestic’s Los Gatos mine was its largest producer, delivering 1.49 million attributable ounces of silver during the quarter. San Dimas took second place at 1.32 million ounces, while La Encantada and Santa Elena produced 1 million ounces and 358,185 ounces, respectively.

On a yearly basis, First Majestic produced 15.44 million ounces of silver, near the upper end of its guidance. The company set guidance for 2026 at 13 million to 14.4 million ounces of silver, with silver equivalent all-in sustaining costs at US$26.15 to US$27.91 per ounce.

3. Endeavour Silver (TSX:EDR,NYSE:EXK)

Market cap: C$5.33 billion
Share price: C$19.17

Endeavour Silver is a mining company with operations in Mexico and Peru.

In Mexico, Endeavour has two operating silver-gold mines — Guanaceví mine and Terronera — as well as a portfolio of exploration projects that includes the advanced Pitarilla silver project. The company achieved commercial production at Terronera in October 2025.

In Peru, the company owns the Kolpa silver mine, which also produces zinc, lead and copper. It acquired the Peruvian mine’s owner Compañia Minera Kolpa in May 2025 for total consideration of US$145 million in a combination of cash and shares. Endeavour also agreed to pay up to US$10 million in cash in contingent payments if certain events are met.

In its Q4 and full year 2025 results, Endeavour reported Q4 silver production of 2.03 million ounces, up 146 percent year over year. For the full year, Endeavour produced 6.49 million ounces of silver, a 45 percent increase over its production of 4.47 million in 2024.

Much of these gains were driven by new production from Kolpa and Terronera, which contributed 631,867 and 352,002 ounces of silver respectively in Q4. Kolpa delivered 1.61 million ounces during its eight months of ownership in 2025.

A large portion of the increase was due to the acquisition of Kolpa, which

The company also noted that it achieved commercial production at Terronera in October 2025, delivering 352,002 ounces of silver in the final quarter of the year. Another 608,388 ounces of silver were produced at its Bolanitos mine in Mexico in 2025.

On January 15, Endeavour announced it had completed the sale of the mine to Guanajuato Silver for upfront consideration of US$40 million, with additional payments to be made upon meeting production milestones at the mine.

4. Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM)

Market cap: C$3.96 billion
Share price: C$18.84

Silvercorp Metals is a production and development company operating two silver mines in China: the Ying Mining District in Henan and the GC mine in Guangdong. It is also working to develop the copper primary El Domo project in Central Ecuador.

In the company’s operations report for its fiscal Q3 2026 ended December 31, Silvercorp reported total silver production for the quarter of 1.9 million ounces, a 4 percent decrease from the same period last year. The majority of its output came from the Ying Mining District, which delivered approximately 1.7 million ounces of silver, with about 100,000 ounces coming from the GC mine, according to the release.

It is constructing the Kuanping project as a satellite deposit for Ying, at which it expects to see minor development ore production beginning in June. In addition to mining activities, the company reported 76,607 meters of exploration drilling and 19,917 meters of tunnelling across Ying and GC.

On February 4, Silvercorp announced that the construction budget for its El Domo project had been increased by US$44 million to US$284 million. The largest component of the rise at US$16 million was an increase in the VAT rate from 10 percent to 15 percent; the company expects to recover the funds through tax credits in the first year of operation.

Silvercorp detailed its 2025 progress at El Domo in the release, which included moving over 2.6 million cubic meters of material for site preparation.

5. Americas Gold and Silver (TSX:USA,NYSEAMERICAN:USAS)

Market cap: C$3.34 billion
Share price: C$12.90

Americas Gold and Silver is a US and Mexico-focused silver producer. Its primary operations consist of the Galena Complex in Idaho, US, and the Cosala operations in Sinaloa, Mexico.

Americas is one of the largest primary silver miners in the US due to its Galena Complex in Nevada’s Silver Valley, a historic mining district that is home to the Bunker Hill, Sunshine and Lucky Friday mines. In addition to silver, Galena produces antimony and copper byproducts. In February, the company announced plans to build an antimony processing facility at the complex through a 51 percent owned joint venture.

In late 2025, Americas Gold and Silver completed a two phase plan to increase efficiency at the mine’s No. 3 shaft. The first phase upgraded the hoisting capacity from 40 to 80 metric tons per hour of material movement, while phase two included upgrades to the hoist pads, the installation of a hoist control console and the deployment of an antenna system in the shaft to support upgrades to automation.

The Cosala operations in Sinaloa comprise 67 mining concessions spanning 19,385 hectares and include the Los Braceros processing facility, the San Rafael mine and the EC120 mine. While San Rafael contains higher levels of zinc and lead, EC120 hosts higher grades of silver and copper. EC120 entered commercial production on January 1, 2026, as the company transitions its operations away from San Rafael.

In December, Americas Gold and Silver completed its acquisition of the past-producing Crescent silver mine, located 9 miles from the Galena Complex in Idaho. The company plans to restart production at the fully permitted mine, which produced more than 25 million ounces of silver between 1917 and 1981. Feedstock from the mine will be delivered to the milling site at the Galena Complex.

The company said it is fully funded and will rapidly advance Crescent to production, while also carrying out aggressive exploration programs at both sites.

On January 21, Americas announced it achieved record production from its Cosala operations, coming in at 1.19 million ounces of silver in 2025 and 463,000 ounces in Q4 alone.

Its combined full year silver production of 2.65 million ounces was up 52 percent over the 1.17 million attributable ounces it delivered in 2024, in part due to the company increasing its stake in Galena from 60 to 100 percent to end 2024.

FAQs for silver investing

Investor Insight

With a strong asset foundation, C$8 million in cash, and an experienced technical team, Prince Silver is well-positioned to capitalize on the current macro tailwinds in the silver and manganese markets. The project has a US Critical Minerals advantage, hosting silver, zinc, lead, and manganese, in addition to gold.

Overview

Prince Silver (CSE:PRNC,OTCQB:PRNCF) is a Vancouver-based exploration company focused on unlocking value at the Prince silver project in southeastern Nevada.

In July 2025, the company completed a transformational acquisition of Stampede Metals Corporation and subsequently rebranded from Hawthorn Resources to Prince Silver Corp.

The flagship asset is a district-scale, past-producing silver-gold-zinc-manganese carbonate replacement system, historically mined through the early to mid-1900s. The immediate objective is to validate and expand upon the 129 historic drill holes (over 16,600 meters) to convert the exploration target into a maiden NI 43-101 mineral resource, targeted for the fourth quarter of 2026.

Company Highlights

• Flagship Project: 100 percent ownership of the historic Prince silver mine in Lincoln County, Nevada, an open, near-surface silver-gold-zinc carbonate replacement deposit. It has an exploration target of 23 to 45 million tons, with strong historic grades.
• Fully Funded Drilling Program Underway: A 9,000-meter reverse-circulation drill program is now underway with a steady stream of assay results expected from January to May 2026. This follows an recent funding raise of approximately C$4.75 million in gross proceeds.
• Clean Corporate Reset: Hawthorn Resources completed the Stampede Metals acquisition and re-listed as Prince Silver Corp. on July 11, 2025.
• Tight Share Structure: The company has 58.9 million shares issued and outstanding as of February 23, 2026.
• US Critical Minerals Leverage: The Prince Project hosts critical and strategic minerals on the 2025 USGS list: silver, zinc, lead, and manganese, in addition to gold.
• Experienced, Hands-on Leadership: President Ralph Shearing, CEO Derek Iwanaka, and new directors Marco Montecinos, Robert Wrixon and Darrell Rader add mine-building, corporate, and capital-markets depth to the leadership team.
• Expanded Land Position: The land package at the Prince Silver Project has more than doubled, securing over 7 kilometers of prospective strike length along the mineralized fault system.

Key Projects

Prince Silver Project

The Prince silver project is a large-scale, polymetallic Carbonate Replacement Deposit (CRD) located just west of Pioche, a historic mining district in southeastern Nevada. The project hosts a structurally and stratigraphically controlled system of silver-rich mantos, breccias, and fissure veins. Historic underground production between 1912 and 1949 totaled approximately 1.12 million tons (Mt) at average grades of 100 grams per ton (g/t) silver, 4.5 percent zinc, and 10 percent manganese.

Highlights

• Geological compilation work has defined an exploration target ranging between 23 and 45 Mt, grading approximately 37 to 40 g/t silver, 1.5 percent zinc, and 0.8 percent lead.
• The fully-funded 9,000 meter drill program is underway with a steady stream of assay results expected from January to May 2026, targeting a maiden NI 43-101 Mineral Resource Estimate (MRE) in the fourth quarter of 2026.
• The company recently expanded its land position, securing over 7 kilometers of prospective strike length along the mineralized fault system.

Stampede Gap Copper-Gold-Molybdenum Project

The Stampede Gap Copper-Gold-Molybdenum Project is a large, early-stage porphyry target in Nevada featuring over 200 claims. Historical geophysics have identified multiple IP-resistivity anomalies, and a single 700 meter drill hole encountered extensive skarn alteration. Its location is only 150 kilometers south of KGHM’s Robinson copper-gold-silver-molybdenum mine. The project presents a deep-seated exploration target that has the hallmarks of a large-scale copper-molybdenum deposit.

Management Team

Derek Iwanaka – Chief Executive Officer and Director

Derek Iwanaka is a mining-sector executive with over 23 years of investor relations, corporate development, and capital markets experience. He has supported more than 20 corporate transactions and helped raise over US$100 million, including one of Canada’s first at-the-market financings. Iwanaka previously held senior roles at BeMetals and First Mining Gold Corp., contributing to strategic acquisitions, project advancement, and significant market-cap growth.

Ralph Shearing – President and Director

Ralph Shearing is a professional geologist and mine developer with over 35 years in mineral exploration development and public company management. Since 1987, Shearing has held senior executive positions with public junior mining and exploration companies, notably Luca Mining, a company he founded and guided through exploration, development, construction, and pre-production of the Tahuehueto mine in Mexico. He currently acts as a Qualified Person for Prince Silver’s technical disclosure.

Rob Scott – Chief Financial Officer and Corporate Secretary

Rob Scott’s professional experience has helped raise over $200 million in equity with past and current executive and board positions with TSXV issuers, including Great Bear Resources, Valore Metals, Riverside Resources, Capitan Silver, and First Helium.

Dr. Robert Wrixon – Independent Director

Robert Wrixon is the managing director of Starboard Global, a Hong Kong-based project incubator and VC firm. Wrixon is a seasoned executive and engineer with over 20 years’ experience across ASX- and LSE-listed mining companies. He holds a PhD in mineral engineering from UC Berkeley and brings deep technical, corporate development, and mergers and acquisitions experience.

Darrell Rader – Independent Director

Darrell Rader is the president and chief executive officer of Minaurum Gold, a silver explorer in Mexico. He has directly raised over $150 million for mineral exploration and development and has strong relationships with institutional investors and bankers. Rader founded Defiance Silver Corp, a silver developer, and previously was the head of corporate development at IMPACT Silver. Rader holds a BBA in Finance from Simon Fraser University.

Marco Montecinos – Independent Director

Marco Montecinos has over 40 years of mineral exploration experience across the Americas, including a key role in the three-million-ounce Marlin Gold discovery, multiple gold discoveries, and current roles as chief president of exploration at Gunpoint Exploration and US Critical Metals, as well as president of Tigren, Inc.