Silver Surges 4.34% to $67.53/oz, Dragging TSX Miners to Session Highs

Silver rocketed 4.34% to $67.53 per ounce on Thursday morning, outpacing every other major commodity and topping even gold’s impressive 3.88% climb to $4,535.70/oz. In Canadian dollar terms, silver is now trading near $93.13/oz CAD and gold at approximately $6,254.04/oz CAD, using today’s USD/CAD rate of 1.3792. The simultaneous surge across the precious-metals complex signals more than a single-asset trade — it points to a macro-driven flight to hard assets.

What’s Driving the Move

The catalyst is a one-two punch of weak U.S. economic data and renewed geopolitical tension. A softer-than-expected U.S. ISM Manufacturing print for August — released pre-market — deepened expectations for Federal Reserve rate cuts before year-end, crushing real yields and lifting the appeal of non-yielding metals. Simultaneously, escalating sanctions rhetoric between Western allies and two major crude-exporting nations rattled risk sentiment broadly, sending institutional money toward safe-haven and inflation-hedge assets. Silver benefits doubly: as a monetary metal, it tracks gold; as an industrial metal with heavy demand in solar panels and EV components, it also responds to any supply-disruption premium in the broader metals complex.

Copper’s 2.22% gain to $6.6455/lb reinforces the industrial-metals narrative. Today’s move in silver has the hallmarks of a short squeeze layered on top of a macro catalyst — open interest in COMEX silver futures was already elevated heading into the session, and a break above the $65.00/oz technical resistance level earlier this week likely triggered a cascade of stop-loss buying.

TSX and TSX-V Names in Focus

First Majestic Silver Corp. (TSX: AG), Canada’s highest-profile pure-play silver producer, is the most direct beneficiary. The company’s San Dimas and Santa Elena operations in Mexico carry all-in sustaining costs (AISC) well below current spot prices, meaning today’s move drops almost entirely to free cash flow. Pan American Silver (TSX: PAAS), which operates a diversified portfolio across Latin America, was also trading sharply higher at midday; PAAS derives roughly 40% of its revenue from silver. On the junior side, Silvercorp Metals (TSX: SVM) — which mines silver, lead, and zinc in China — added to gains as investors rotated into leveraged silver exposure.

Analyst Price Targets

Analyst sentiment on silver had already been turning bullish before today’s spike. In a note published in late August, Scotia Capital reiterated a price target of C$28.50 on First Majestic, citing improving free cash flow generation above $60/oz silver. BMO Capital Markets has a C$32.00 target on Pan American Silver, calling it their top precious-metals pick for H2 2026 on the basis of its low-cost Peruvian assets. TD Cowen, in a sector-wide update last week, argued that silver’s gold/silver ratio — which had been running near 67:1 — was historically stretched and flagged a mean-reversion trade that has now, emphatically, begun.

With silver now trading at levels not seen since the early 2026 commodity supercycle peak, retail and institutional investors alike will be watching whether the metal can consolidate above $67/oz into the North American close. A sustained hold would set up a technical target near $72–$75/oz, according to several chart-based research desks. For TSX investors, the message is clear: silver equities are pricing in a new regime, not a one-day blip.