Key Highlights

● COMEX December silver traded at $61.41 per ounce on October 5, 2026, up 1.64% from a previous close of $60.415.

● August PCE Inflation eased to 3.4% annually against a 3.7% consensus, cutting October rate-increase odds to about 38% from 51%.

● Silver sits at roughly half its January all-time high near $121 and is still 26.42% above a year earlier.

● Hecla reported second-quarter silver output of 4.2 million ounces at a realized price of $63.06, down from $82.70.

COMEX silver for December delivery traded at $61.41 per troy ounce on Monday, October 5, 2026, up $0.99, or 1.64%, from a previous close of $60.415, as the metal bounced off a two-month low. Hecla (NYSE:HL), a US-listed producer with the Greens Creek and Lucky Friday mines, ended the second quarter with $483 million in cash and no debt.

A Rebound That Leaves Silver Far Below Its Peak

A second feed showed $61.39, up 1.70%. Both are intraday quotes, not settlements. One COMEX contract covers 5,000 troy ounces, so a $1 move equals $5,000 per contract. The day range ran from $60.69 to $61.413.

Silver remains far below its peak. The all-time high was about $121.64 in January 2026, and the 52-week range runs from $45.51 to $121.785, with the small difference in the high reflecting different data series. At about $61 the metal is roughly half the January level, though still 26.42% above a year ago. It is down 7.18% over the past month, a reminder that silver can move sharply in both directions.

Cooler Inflation Eases the Rate Pressure

August PCE inflation rose 0.3% against a 0.4% forecast, core PCE rose 0.2% against 0.3%, and annual headline inflation eased to 3.4% against a 3.7% consensus. Futures-implied odds of an October Fed rate increase fell to about 38% from 51%. Silver pays no interest, so lower rate-increase odds reduce the cost of holding it.

Gains were limited by the bond market. The ten-year Treasury Yield was near 5.298% and the 30-year near 5.633%. The September US jobs report showed payrolls up 29,000 against expectations near 90,000, with Unemployment at 4.2%.

Geopolitics pulls two ways. The US weighing more military resources for the Middle East could lift energy prices and inflation worries, while silver, as both a monetary and an industrial metal, can attract safe-haven buying.

Hecla, Pan American and Fresnillo Face a Lower Price

Hecla reported second-quarter silver output of 4.2 million ounces at a realized price of $63.06 per ounce, against $82.70 in the first quarter, and income from continuing operations of $117.9 million. It redeemed $263 million of senior notes and held no debt. Silver cash cost was negative $8.10 per ounce after by-product credits. Guidance for 2026 silver production is 15.1 million to 16.1 million ounces.

Pan American Silver (NYSE:PAAS) reported attributable silver output of 6.47 million ounces at a realized price of $70.97 per ounce. It reaffirmed 2026 silver guidance of 25.0 million to 27.0 million ounces at an All-In Sustaining Cost of $15.75 to $18.25 per ounce, held $1.8 billion of cash and returned $300 million to shareholders in the quarter. Some mine outputs were adjusted lower for seismic and geological factors.

Fresnillo, the Mexican silver and gold miner, reported second-quarter silver production of 10,928 thousand ounces, down from 12,506 thousand a year earlier, and 22,049 thousand ounces for the half against 24,882 thousand. At about $61, below the second-quarter realized prices of both Hecla and Pan American, Revenue per ounce would be lower on the same volume, before hedging and by-product credits.

Yields, the Dollar and Fed Dates Frame the Next Move

Silver could gain from lower rate-increase expectations, softer yields, a weaker dollar, stronger industrial Demand or renewed safe-haven buying. It could weaken on firmer inflation, higher yields, a stronger dollar, softer industrial activity or easing geopolitical tension.

The Federal Reserve releases minutes of its September meeting on October 7, 2026, and its next meeting is on October 27 and 28. Further US inflation data will matter too. Companies with large by-product credits, such as Hecla, depend on gold, zinc and lead prices as much as silver, while developers without production rely on financing markets.