Very tightly managed #silver price with a failed slam near US open.
Oh boy i expect a big move coming!
BREAKING NEWS:
#CME March open interest has dropped to 188m oz of #silver. There is now “only” a 100m oz deficit with 80m of silver in the registered vaults!
Deadline is February 26th.
Tick tock.
#Silver opened gap up in china at 8PM est. and also opened gap down at the #CME . In other words, the east/west spread increased.
One of them is bs’ing you, the question is which one is lying?
We all know.
The comex is short 140m oz of silver for march, the SHFE needs to buy 450 tons to close their naked shorts, the SGE only has 10m oz in stock, the LBMA stock is completely fake, mexico - the biggest silver producing country in the world is in civil war.
Drop the silver price!
I look forward to finding out how much march open interest rolled or settled tonight at the #CME!
220m oz march interest vs. 80m oz in supply! Its crunch time baby!
The march gold OI is acting wierd too!
$HLSCF Highlander Silver Corp. is up over 20% this morning. One of @realTimHack best picks. Ive more than doubled my money since i listened to his conviction!
Never financial advice!
#silver is going to hit $90+ before china even opens!
Gentle reminder to the #Silver haters, the first selloff is completed and we are rounding the bottom of the bear trap. The top of this bull market will likely exceed $1000.
Wow, $AG gapped up to $31 at 8pm est.
Im going to start browsing Lamborghinis
#silver
#Silver has 20 reasons to open gap up in a hour and mexican civil war erupting is definitely one of them
History is being made in Comex #gold , and people dont understand the same record OI is soon to be occuring in Comex #silver too.
Price go up.
Looks like #silver is going go have another green monthly candle, breaking an all time record with 10 consecutive green months!
The crashed us from $120 to $60 and we still close green!
$SLV is above $75! Initiate the gamma!
I look forward to the #CME and #comex implementing the circuit breakers on #silver when it inevitably runs back to $100, $150, $200, $500.
Remember friends, circuit breakers only work in the direction where banksters make money.
#Silver may end up gamma squeezing today despite OPEX options expiration and max pain being at $SLV $65.
We expected a smash today… if it doesnt happen… march may be new ATH’s for silver.
The supreme court ruling that tarriffs are unconstitutional is uber bullish for precious metals
The USA will collapse even quicker, there is nothing the president can do to try and fix its deficits/debt
Congress will continue to spend, and #Gold & #Silver will continue to rise
AG
First Majestic Silver
Q4 & Full Year 2025 Earnings Summary
PREFACE: AG is the largest holding in SILJ at approximately 11.49% of the fund, sitting ahead of Hecla Mining at 11.23% and Coeur Mining at 8.65%.
Circling back to First Majestic analysis…
REVENUE more than doubled to $1.26B from $560.6M in 2024.
Net income swung from a $101.9M loss to $211.0M profit.
Mine operating earnings hit a record $450.0M versus $91.9M in 2024.
Free cash flow: $250.4M in Q4 alone.
This is not a recovery story. This is a company that found its footing and executed.
BALANCE SHEET tells the real story.
Entered 2025 with $308.3M cash. Exits with a record $937.7M cash treasury.
They nearly tripled their cash position in twelve months.
LOS GATOS (acquired January 16, 2025) contributed $187.4M in Q4 revenue and $203.4M in full-year mine operating earnings in under twelve months of ownership.
One asset. One year. Transformational.
Q4 ADJUSTED EPS of $0.30 beat analyst estimates of $0.18 by 67%.
Operating cash flow hit a record $301M for the quarter.
EBITDA reached $338.8M in Q4 alone.
Average realized silver price of $69.74/oz which translates into a 26% premium to the COMEX average of $55.20/oz.
No hedging.
Full metal price exposure maintained.
SILVER PRODUCTION rose 84% year-over-year to a record 15.4M ounces.
Silver equivalent ounces reached 31.1M for the full year.
Three core assets
Los Gatos
Santa Elena
San Dimas
All three assets contributing.
FIRST MINT, the company’s wholly owned minting operation, posted record full year revenues of $49.4M versus $16.0M in 2024, with operating earnings of $24.1M versus $4.8M previously.
DIVIDEND policy doubled from 1% to 2% of net quarterly revenues effective January 1, 2026.
Q4 dividend of $0.0083 per share payable March 16, 2026.
This is not a mid-tier silver miner running in place anymore.
MANAGEMENT operates with no hedging and full silver price exposure.
Silver is trading north of $79 today.
The 26% premium they captured to spot in Q4 tells you everything about how they are positioned commercially.
AG is a leveraged silver play that rebuilt its balance sheet at speed, is printing cash, and doubled its production base through what management clearly views as a generational inflection point in the silver cycle.
CLOSING: as with CDE, these results are exceptional by any measure. They reinforce the case that SILJ offers highly attractive and asymmetric exposure to some of the best performing miners in the sector, with the strongest tailwinds this cycle has seen.
Well, the whole premise of bitcoin going to $1m relies on convincing the US government to start buying it for its “bitcoin reserve”
The US has $2 trill deficit per year and $40 trill in debt.
That would mean theyd print money to buy bitcoin.
That sounds like a bailout to me.
Michael, if you updated this chart for today’s OI of 53,691 contracts… as this chart was ran 4 days ago, would put us at the upper band of historical averages, correct?
@DtDS_WSS
#comex march silver open interest fell by 3,111 contract yday, representing a decrease of 15m oz of #silver .
270m oz of open interest still standing….
The days are approaching and not enough OI is rolling over….
First Majestic $AG Q4 2025 Earnings
Big beat - adj. EPS of $0.30 vs expected EPS of $0.21.
Proving itself to be a solid must own silver producer.
AG truly does have incredible leverage on the #silver price.
Exceeded all production estimates.
PAAS
Q4 & Full Year 2025 Earnings Summary
Pan American Silver
PREFACE: PAAS is ~3.03% of SILJ. This allocation reflects the index methodology favouring pure play junior silver miners... PAAS's diversified gold exposure dilutes its silver miner classification. This implies that the passive bid on PAAS via SILJ is relatively modest.
Circling back to PAAS...
RECORD REVENUE of $3.6B for the full year.
Net earnings of $980M.
Adjusted EPS of $2.54.
Full year operating cash flow: $1.333B.
Q4 operating cash flow alone: $554M.
Every single headline metric: a record.
Q4 REVENUE beat consensus by 6%.
EPS came in at $1.11 vs. $0.90 expected - a 24% beat. Silver AISC of $9.51/oz vs. $10.57 estimated.
They didn't just deliver. They delivered and then some.
BALANCE SHEET is the main story with PAAS.
$1.3B in cash and short term investments at year end Plus additional $127M of cash at the Juanicipio JV.
No pressure. No dilution risk. Pure optionality.
Attributable FREE CASHFLOW: $1.151B for the full year. $553M in Q4 alone.
PAAS returned $221M to shareholders in 2025 via dividends and buybacks... and just raised the dividend 29% for the third consecutive quarter.
This is a company that is accelerating capital returns, not managing them defensively.
2026 GUIDANCE: attributable silver production of 25-27 million ounces... a 14% increase over 2025.
Silver AISC guided at $15.75 - $18.25/oz.
Gold production 700-750k oz.
The growth is not priced in.
ESCOBAL remains the unquantified wildcard. This is Guatemala's highest grade silver mine in the world. Fully compliant with the Constitutional Court order. No restart timeline... but when it comes, and it will come, it is not in the current valuation by any serious measure.
PAAS is a diversified, cash generative precious metals platform printing record numbers, raising its dividend, sitting on $1.3B in cash, with a dormant asset that the market is currently giving you for free!
CDE Coeur Mining
Q4 & Full Year 2025 Earnings Summary
PREFACE: CDE is the third largest holding in SILJ in ~8.65% of the fund, sitting behind First Majestic Silver at ~11.49% and Hecla Mining at ~11.23%
Circling back to CDE analysis...
REVENUE nearly doubled to $2.1B.
Net income up tenfold to $586M.
Adjusted EBITDA crossed $1B for the first time.
Free cash flow: $666M.
This is not a turnaround story anymore. This is execution.
BALANCE SHEET tells the real story.
Entered 2025 with $590M debt and $55M cash. Exits with $554M cash and $341M debt.
They flipped to net cash positive in a single year.
Leverage ratio: 1.6x → 0. That is a re-rating event.
LAS CHIPAS (acquired Feb 2025) generated $286M free cash flow in under 12 months of ownership.
One asset. One year. $286M.
Q4 EBITDA margins hit 63%. Not 63% revenue growth. 63% MARGINSG.
ROCHESTER hit record crushing rates.
KENSINGTON delivered one of its best quarters ever.
Five operations. All firing.
NEW GOLD acquisition closes H1 2026.
Seven North American assets. Combined EBITDA target ~$3B.
Combined FCF target ~$2B.
This is not a mid tier miner anymore.
MANAGEMENT GUIDANCE assumes $4,550 gold and $77.50 silver. Gold is trading north of $2,900 today. Do the math on what happens to FCF if the metals bid holds.
CDE is a leveraged precious metals play that deleveraged at speed, is printing cash, and is doubling its asset base at what it clearly believes is a generational inflection point in the cycle.
CLOSING - consider this type of performance as rocket fuel for SILJ in 2026 and beyond.