- Silver surged 3.17% to $60.70/oz USD (~$85.51 CAD), outpacing gold’s 2.43% gain and topping all major commodity movers on July 22.
- A soft U.S. PMI print, China infrastructure stimulus targeting grid and EV networks, and COMEX backwardation combined to ignite the rally.
- TSX-listed MAG Silver and First Majestic Silver posted strong midday gains; Scotia Capital holds a $28.00 CAD target on MAG.T.
- Silver must close above $60.00/oz to confirm a record monthly settlement; the Fed Beige Book at 2 p.m. ET is the next key risk event.
Silver rocketed 3.17% to $60.70 per ounce (USD) — equivalent to approximately $85.51/oz CAD at today’s USD/CAD rate of 1.4087 — making it the single largest commodity mover on July 22, 2026. The move eclipsed gold’s already impressive 2.43% gain to $4,169.90/oz and caught many short sellers offside, triggering a cascade of stop-loss buying that amplified the afternoon spike.
What’s Driving the Move
Three catalysts converged to push silver through the technically significant $59.00 resistance level. First, the U.S. Dollar Index (DXY) fell 0.8% after July flash PMI data came in softer than expected, reducing the opportunity cost of holding non-yielding metals. Second, Beijing’s State Council released an infrastructure stimulus package overnight targeting grid modernization and electric-vehicle charging networks — two sectors that are among the largest industrial consumers of silver. Third, the COMEX silver futures curve shifted into backwardation for the first time in 14 months, signalling acute near-term physical tightness.
Gold’s parallel surge to $4,169.90/oz (+2.43%) reinforced the precious-metals bid, but silver’s outperformance widened the gold-to-silver ratio from roughly 69:1 yesterday to approximately 68.7:1 today — still historically elevated, giving silver bulls room to argue further catch-up trade is warranted.
TSX and TSX-V Names in Focus
First Majestic Silver (AG.T) was among the strongest large-cap movers on the TSX, with shares up sharply in midday trade as the company derives the majority of its revenue from primary silver production. MAG Silver (MAG.T), a 44% partner in the high-grade Juanicipio mine in Mexico, also advanced meaningfully — Juanicipio’s all-in sustaining costs sit well below today’s spot price, making the margin expansion story compelling in real time. On the TSX-V, Silverton Metals (SVTN.V) and junior explorer Aftermath Silver (AAG.V) saw elevated volume as retail and momentum-driven buyers rotated into lower-priced silver leverage plays.
Analyst Targets and Research Calls
Scotia Capital reiterated its Sector Outperform rating on MAG Silver last week with a price target of $28.00 CAD, citing the Juanicipio ramp-up reaching nameplate capacity. With today’s silver spike, that target is looking increasingly conservative to buy-side desks. BMO Capital Markets carried a $22.00 CAD target on First Majestic heading into this week, noting that every $1.00/oz move in silver adds approximately $0.08–$0.10 to annual EPS — a figure that takes on new meaning at $60.70 spot. Raymond James initiated coverage of Aftermath Silver in June with an Outperform and a $0.85 CAD target, a call that looks well-timed given today’s junior-silver enthusiasm.
What to Watch Into the Close
Traders will monitor whether silver can hold above the psychologically important $60.00/oz level into the COMEX settlement at 1:30 p.m. ET. A close above that threshold would mark the highest monthly settlement price on record and likely draw fresh momentum-fund inflows Thursday morning. The Federal Reserve’s Beige Book releases at 2:00 p.m. ET; any language confirming economic softness would reinforce the dollar-weakening narrative and extend gains. Conversely, a stronger-than-expected print could trigger a partial giveback, particularly in the higher-beta junior names on the TSX-V.
