Silver miners surged in premarket trading on Monday, with several tickers climbing to multi-decade highs. This comes after silver prices ripped past the $110-per-ounce mark, driven by a fresh wave of safe-haven buying.
The sharp moves also spilled across precious metals ETFs and into gold, which has notched record levels above $5,100 per ounce.
Shares of First Majestic Silver Corp. (AG) gained more than 6% and are on track to open at their highest levels, while Avino Silver and Gold Mines (ASM) climbed 8% to rise to their highest in more than 40 years. Hecla Mining (HL) rose over 6% to its highest since September 1980.
Meanwhile, the iShares Silver Trust ETF (SLV) rose 6.5% and was among the top-trending tickers on Stocktwits. SPDR Gold Shares ETF (GLD) gained 2.2% pre-market.
Year-to-date, SLV has gained around 76%, significantly outperforming GLD‘s 19% rise.
Precious metals extended their historic run on Monday, with silver surging above $110 an ounce and gold breaking past $5,100 for the first time ever, as investors piled into safe-haven assets amid escalating geopolitical tensions.
Spot silver (XAU/USD) briefly touched $110.14 per ounce before dropping to $109.4 an ounce, while spot gold (XAU/USD) climbed as much as $5,111.51 an ounce before shedding some of the gains. It was up 2.1% at $5,093 per ounce at the time of writing.
Silver futures for March 2026 deliveries surged 7.8% to $109.26 an ounce, while gold futures for February 2026 deliveries were trading 2.2% higher at $5,089 an ounce.
The surge came after U.S. President Donald Trump warned Canada it would face a 100% tariff on imports if it proceeded with a trade deal with China. The comments reignited fears of a wider global trade war, adding momentum to gold and silver, which were already climbing on Trump’s stance over Greenland and his increasing pressure on the Federal Reserve to cut interest rates this month. Adding fuel to the fire is also the rising odds of a fresh government shutdown in the U.S.
However, not everyone is convinced that the rally can last.
In a post on X on Monday, Andreas Steno Larsen, CIO of Steno Global Macro Invest and founder of Steno Research, believes the precious metals’ current run is unsustainable and appears to be “FOMO-driven speculation”.
Economist Peter Schiff also warned of an imminent economic crisis after gold and silver broke record levels on Monday.
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