- Silver surged 2.23% to $59.09/oz (≈C$83.22), the largest commodity gain today and its highest price ever recorded.
- A weaker U.S. dollar and upbeat manufacturing PMI data from Germany and China combined to fuel the breakout rally.
- TSX-listed First Majestic Silver, MAG Silver, and Wheaton Precious Metals each gained between 2.8% and 4.1% midday.
- Scotiabank, TD Securities, and National Bank Financial all carry bullish targets on silver and key Canadian producers, now within reach.
Silver exploded 2.23% higher to $59.09 per troy ounce (US$) on July 24, 2026 — equivalent to approximately C$83.22 at the current USD/CAD rate of 1.4086 — putting the metal within striking distance of the psychologically critical $60 level for the first time in the modern era. The move was the single largest percentage gain across all major commodity markets today, outpacing gold’s modest 0.73% advance and copper’s 0.84% rise, while crude oil suffered sharp losses.
What’s Driving the Move?
The catalyst behind Thursday’s silver rally is a confluence of macro forces. The U.S. Dollar Index slid to a five-month low after softer-than-expected U.S. initial jobless claims data renewed expectations that the Federal Reserve is finished hiking, weakening the greenback and boosting dollar-denominated commodities. Simultaneously, manufacturing PMI data out of Germany and China — two of the world’s largest industrial silver consumers — both surprised to the upside, reinforcing the metal’s dual identity as both a monetary and industrial asset. Solar panel manufacturing demand, which now accounts for roughly 20% of annual global silver consumption, remains a structural tailwind that analysts say distinguishes this rally from speculative spikes of prior cycles.
Technical Picture: $60 Is the Line in the Sand
From a technical standpoint, silver has now cleared every major resistance level established since its 2011 peak of $49.51. The $60 threshold represents uncharted territory — a break above it on a closing basis would likely trigger significant momentum buying from systematic funds. Trading volumes in silver futures on the COMEX were running approximately 34% above the 30-day average as of midday, suggesting conviction behind the move rather than thin-market exaggeration.
TSX Silver Stocks in Focus
Canadian silver producers and royalty companies are among the primary beneficiaries. First Majestic Silver (TSX: AG) climbed over 4.1% in Toronto midday trade, extending a strong week for the stock. MAG Silver (TSX: MAG), which operates the high-grade Juanicipio mine in Mexico alongside Fresnillo, added 3.6%, while pan-American precious metals streamer Wheaton Precious Metals (TSX: WPM) — which derives a meaningful portion of its revenue from silver streams — advanced 2.8%.
Analyst Price Targets
The move is vindicating several bullish research calls published in recent weeks. Scotiabank raised its 2026 average silver price forecast to $57.00/oz in early July, citing tightening mine supply and accelerating photovoltaic demand — a target the market has now materially exceeded. TD Securities carries a C$28.00 price target on MAG Silver, implying further upside from current levels, and reiterated an Action List Buy in its most recent sector note. Meanwhile, National Bank Financial analysts set a C$31.50 target on First Majestic in June, arguing the stock remained undervalued relative to its peer group even before today’s metal price appreciation.
| Metal / Stock | Price | Change |
|---|---|---|
| Silver (spot, USD) | $59.09/oz | +2.23% |
| Silver (spot, CAD) | ~C$83.22/oz | +2.23% |
| First Majestic (AG.TO) | — | +4.1% |
| MAG Silver (MAG.TO) | — | +3.6% |
| Wheaton PM (WPM.TO) | — | +2.8% |
With gold holding above $4,076/oz and the gold-to-silver ratio now compressing below 69:1 — down from above 80:1 earlier this year — momentum traders and value-oriented precious metals bulls alike are watching the $60 silver level as the defining technical event of the summer commodity season.
