Shares of Silvercorp Metals Inc. (NYSE:SVM) climbed 6.90% during the pre-market trading session on Tuesday, after silver extended its rally and spot price crossed the $95 mark.
Other silver miners, Hecla Mining Company (NYSE:HL), which owns the Greens Creek Mine in Alaska, also experienced a 6.56% increase, while First Majestic Silver Corp. (NYSE:AG) and Endeavour Silver Corp. (NYSE:EXK) were up 5.5% and 4.5%, respectively.
Precious Metals Jump On Political Uncertainty
The surge in silver and gold prices comes amid growing uncertainty amid President Donald Trump‘s Greenland Push. Reports suggested that the European Union was preparing retaliatory measures after Trump threatened new tariffs on several European allies who do not support his pursuit of the Arctic island. When last checked, gold spot prices was 1% higher at $4,725.43 an ounce. On Monday, they touched a new record high of $4,675 an ounce.
Meanwhile, the clash between the White House, the Justice Department and Federal Reserve Chair Jerome Powell, earlier this month, has also been instrumental in pushing the price of silver upwards.
Silver Soars On AI And Solar Demand
Over the past year, silver prices have surged by over 200% from roughly $30 in early 2025. Besides geopolitical uncertainties, silver's rally is also being fueled by its essential role in AI and solar technology, where its unmatched conductivity makes it irreplaceable.
Surging demand from data centers and renewable energy, combined with a sixth straight year of supply deficits and new Chinese export restrictions, is tightening physical silver markets and reinforcing its strategic importance.
Meanwhile, renowned economist Peter Schiff warned that the economy is nearing a dollar crisis, calling the recent surge in gold and silver a warning sign. He compared the metals rally to the rise in subprime mortgages in 2007, suggesting it may signal deeper financial trouble ahead.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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