(Washington, D.C. – February 10, 2026) After posting its strongest annual performance since 1979 last year, silver prices continued to set new highs in 2026, fueled by rising investor interest.

Despite recent outflows, expert says decade-long gold surge still has legs.

SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $12,857.5/mt, fluctuated downward initially to touch a low of $12,817/mt, then fluctuated upward, with copper prices gradually rising to touch a high of $13,065/mt, before consolidating and finally closing at $13,060/mt, up 1.59%, with trading volume reaching 25,600 lots and open interest reaching 325,000 lots, overall showing bulls increasing positions. On Friday evening, the most-traded SHFE copper contract 2603 opened at 101,000 yuan/mt, fluctuated downward initially to touch a low of 100,340 yuan/mt, then the center of copper prices rose straight to touch a high of 101,820 yuan/mt, before fluctuating rangebound and finally closing at 101,490 yuan/mt, up 1.49%, with trading volume reaching 79,400 lots and open interest reaching 170,000 lots, overall showing bears closing positions.

Canadian mining giant Capstone Copper said on Friday that the largest union at its Mantoverde copper-gold mine in Chile had approved a new three-year labor contract, ending a strike that began on January 2 and paving the way for a return to normal production. Previously affected by the strike, the mine's production had fallen to about 55% of normal levels.

The largest union at Capstone Copper's Mantoverde copper and gold mine in Chile has approved a new three-year labor contract, ending the strike that began on January 2 and paving the way for normal production to resume.

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

On June 13 (Friday), according to information disclosed by the International Finance Corporation (IFC) on Friday, it will provide a $400 million subordinated loan for the Reko Diq copper-gold mine in Pakistan. Previously, the IFC had already committed to financing $300 million for the copper-gold mine project, bringing the total financing scale for the project to $700 million. The estimated development cost for the mine is $6.6 billion. "The total estimated project cost is $6.6 billion, which will be financed through a combination of debt and equity." Other parallel lenders will provide the remaining debt financing. This type of loan, known as a subordinated loan, is typically repaid after other loans and helps absorb more risk. The Reko Diq copper concentrates, located in Balochistan, is one of the world's largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds a 50% stake in the mine, with the remaining shares held by the federal and local governments of Pakistan. The Reko Diq copper-gold mine is expected to commence production in 2028. Barrick estimates that the mine will generate free cash flow of up to $74 billion over its 37-year mining life.

On Friday (June 13), US stocks opened lower and continued to decline, with all three major indices closing in the red. At the close, the Dow Jones Industrial Average fell 1.79% to 42,197.79 points; the S&P 500 fell 1.13% to 5,976.97 points; and the Nasdaq Composite Index fell 1.3% to 19,406.83 points. For the week, the Dow fell 1.32%, the S&P 500 fell 0.39%, and the Nasdaq fell 0.63%, all ending a two-week winning streak. In the early hours of Friday (June 13) local time, tensions in the Middle East escalated, causing several popular US stocks to decline significantly during the night session. Affected by geopolitical tensions, international crude oil futures settled sharply higher, rising over 7%. WTI July crude oil futures rose 7.26%, and Brent August crude oil futures rose 7.02%. US COMEX gold futures rose 1.47%. Despite the overall decline in US stocks, sectors such as energy and precious metals rallied against the trend. ExxonMobil rose 2.18%, ConocoPhillips rose 2.4%; VanEck Gold Miners ETF rose 1.74%, and Newmont Corporation rose 3.54%. Louis Navellier, Chief Investment Officer at Navellier & Associates, said, "The lasting damage could be to crude oil prices. If oil prices do not pull back soon, it will certainly cause some damage to US inflation data." Performance of Popular Stocks Most large-cap tech stocks declined, with (ranked by market capitalization) Microsoft falling 0.82%, NVIDIA falling 2.09%; Apple falling 1.38%, Amazon falling 0.53%, Alphabet Class C falling 0.62%, Meta falling 1.51%, Broadcom falling 2.88%, and Tesla rising 1.94%. Oracle rose 7.69%, gaining 23.68% for the week, marking its best weekly performance since 2001. Drone manufacturer AIRO Group surged 140% on its first day of trading. Among Chinese stocks listed in the US, the Nasdaq Golden Dragon China Index fell 2.74%, declining 0.77% for the week. Most popular Chinese stocks listed in the US closed lower, with Pony.ai falling 7.24%, XPeng Motors falling 5.46%, Li Auto falling 3.84%, Alibaba falling 3.22%, NIO falling 3.04%, Pinduoduo falling 2.76%, JD.com falling 2.53%, New Oriental falling 2.33%, Tencent Music Entertainment falling 2.13%, and Baidu falling 2.06%. Company News [Amazon Restructures Healthcare Business] To streamline its structure, Amazon is reorganizing its healthcare business into six "pillars." Previously, Amazon had lost several healthcare executives in recent months. After acquiring PillPack and One Medical and launching some of its own services, Amazon has been struggling to find a consistent strategy in the healthcare market. [AMD Unveils Two Generations of Flagship AI Chips to Compete with NVIDIA; Morgan Stanley: MI400 Could Be a Key Inflection Point] At the AMD Advancing AI conference, AMD showcased its strongest lineup of AI products ever, including flagship AI chips for data centers, AI software stacks, AI rack-level infrastructure, AI network cards, and DPUs, fully demonstrating its ambition to compete with NVIDIA. Morgan Stanley stated that AMD has released the MI350 as expected, but the focus remains on the rack-level MI400/450 products to be launched next year. If these products can be delivered on schedule, they could have a greater impact. [US eVTOL Giant Archer Raises $850 Million] Archer Aviation, a well-known US electric vertical takeoff and landing (eVTOL) aircraft company, announced that it has raised $850 million through the sale of shares. Archer stated that it plans to use the $850 million to support new infrastructure construction and launch an AI-based aviation software platform.

According to a report by Mining Weekly citing Reuters, Burkina Faso announced on Wednesday that it had completed the transfer of five gold mine assets to the state-owned mining company, marking a temporary conclusion to its efforts to tighten control over mineral resources since August last year. Like its neighboring countries, Mali and Niger, Burkina Faso has strengthened its control over resources since revising its mining code last year. The country established the Société de Participation Minière du Burkina (SOPAMIB) as a vehicle to own, manage, and operate strategic mineral assets. The five assets transferred to the country include two operating gold mines and three exploration licenses, all owned by subsidiaries of Endeavour Mining and Lithium Corporation, namely Wahgnion Gold, SEMAFO Boungou, Ressources Ferké, Gryphon Minerals Burkina Faso, and Lilium Mining Services Burkina Faso. The suspension of the agreement to transfer Endeavour's assets to Lilium Mining Services compelled Burkina Faso to intervene. The decree stated, "This recovery aligns with the country's policy on the sovereignty of mineral resources, aiming to optimize their development for the benefit of the people." Burkina Faso is Africa's fourth-largest gold producer, with gold output exceeding 57 mt in 2023. The country plans to continue advancing the nationalization process, with its government stating that this move will bring more revenue to the state, especially following a 27% surge in gold prices this year. However, this reform has sounded the alarm for Western investors, including IAMGOLD and Nordgold from Canada, as well as West African Resources Ltd. from Australia.

On June 12th, Amaroq Minerals announced it has raised £45 million in an oversubscribed equity offering to fund its strategic expansion in Greenland. The proceeds will support production growth at the Nalunaq gold mine, the establishment of a western operations hub, and the acquisition of the Black Angel lead-zinc-silver project for $10 million. The offering, priced at 85 pence per share, resulted in the issuance of nearly 53 million new shares—approximately 11.7% of the company’s share capital. Around 90% of the capital was raised from institutional investors across the UK, US, and Europe. Denmark’s EIFO fund subscribed for £11.3 million, becoming one of Amaroq’s top three shareholders. Amaroq aims to build a full-cycle mining enterprise in Greenland, with growing interests in copper, nickel, rare earths, lead, zinc, and silver. Upon completion of the planned acquisition, the company will become the largest mineral licence holder in Greenland, controlling a total of 7,501 km².