Gold USD 4,300 and Silver USD 53 – Buying frenzy at Silver North, First Majestic, Nel ASA, and JinkoSolar

First Majestic – The best of all worlds

Will Keith Neumeyer be proven right in the end? The CEO of First Majestic Silver is sticking to his long-standing forecast: silver will move towards USD 100 per ounce in the long term, possibly even reaching USD 130. After the steep rally of 2025, this vision no longer sounds too far-fetched. The price is being driven by a complex mix of geopolitical uncertainty, monetary policy realignment, and massive industrial demand. While the weaker US dollar and falling interest rates support the investment case, the safe-haven reflex of many investors is providing additional momentum. Added to this are structural supply gaps: mine production is stagnating, recycling remains limited, and inventories are melting away. The fact that silver continues to be undervalued relative to gold is further fueling optimism.

Investors looking to benefit from this trend should focus on the strongest producers. First Majestic Silver opened a new chapter of growth with the acquisition of Gatos Silver in January 2025, securing 70% of the highly profitable Cerro Los Gatos complex. This significantly expands the Company's proven production base around San Dimas, Santa Elena, and La Encantada in Mexico. For 2025, First Majestic expects silver production of between 14.8 and 15.8 million ounces, following a record quarter of 7.9 million ounces of silver equivalent in Q2. The Company is now focusing on efficiency and cost discipline, as all-in sustaining costs (AISC) remain in double digits but are expected to be reduced through productivity gains. Over USD 170 million will be invested in exploration, development, and capital expenditures this year to lay the foundation for further growth.

The decisive factor will be whether the Company can convert its operational leverage into rising free cash flows in the next cycle, in which case Neumeyer's widely cited vision could actually take shape. Analysts on the LSEG platform currently see an average 12-month price target of CAD 21.10 – though that value was already reached last week.

Silver North – The new star in Yukon's silver sky

Investors can take a step back in the silver market and still find exciting opportunities. In Canada's Yukon region, one of North America's most compelling silver stories is currently unfolding: explorer Silver North Resources has secured several high-grade projects there and is making remarkable progress in a short period of time. The Haldane project, the Company's flagship project, is located just 25 km west of Hecla Mining's producing Keno Hill Mine, one of the continent's most historic silver regions. Silver North completed six drill holes totaling 1,300 meters there in 2025. The goal is to further expand the Main Fault Zone discovered last year. Previous sections revealed impressive grades of up to 1,088 g/t silver and 3.9 g/t gold, supplemented by significant lead and zinc content. CEO Jason Weber expects the first lab results in early November and anticipates confirmation of the high-grade mineralization both along strike and at depth.

A parallel exploration program is underway at the Veronica Project in southern Yukon. There, Silver North took a total of 453 soil and 26 rock samples in 2025. Initial observations indicate galena mineralization within a highly prospective stratigraphic package, a potential CRD (carbonate replacement deposit) system, similar to the nearby Silvertip Mine. Laboratory results are expected later in October. The Tim project, located about 72 km west of Watson Lake, is also attracting attention. It lies only 19 km from Coeur Mining's Silvertip Mine and shows geochemically anomalous silver, lead, and zinc values. US partner Coeur Mining is currently conducting a six-hole drilling program and can secure up to an 80% interest in the project through an option agreement. In return, Coeur contributes its technical expertise and financial strength, creating a win-win situation for explorers like Silver North.

Silver North shares are performing very well on the stock market. The share price has doubled since April, and fresh capital of around CAD 2.6 million is providing solid financing for the ongoing work. Investors should seize the opportunity if they want to bet on silver continuing to rise!

JinkoSolar and Nel ASA – Those declared dead live longer

Solar module manufacturer JinkoSolar is heavily dependent on the price of silver. However, after years of growth, the Company's share performance is currently leaving much to be desired. The reason: high overcapacity and falling margins are causing a negative mood. In the last quarter, revenue fell by around 37% to approximately USD 2.83 billion, and the gross margin collapsed from over 12% in the previous year to just 3.6%. While more lucrative export orders declined, the share of sales in the lower-margin Chinese domestic markets grew. In addition, one-off charges due to production disruptions and asset write-downs further weakened the result. Currently, there is only one analyst recommendation on the LSEG platform. However, the price target is only 30% above the depressed 3-year low of around EUR 14.50, leaving limited upside at current levels. Q3 figures will be released on November 17, which could make things interesting!

The situation is not much different for Greentech competitor Nel ASA. Here, public orders are falling away, and the share price of the Norwegian electrolyser pioneer has dropped by 80% over the last three years. It has managed occasional gains of around 20% in sympathy with Plug Power, but momentum remains limited. Interested investors should wait for the Q3 figures on October 29, as both stocks could soon present attractive turnaround opportunities.

The price of silver rose above USD 53 for the first time last week, which traders attribute to an acute short squeeze. Physical silver is currently scarce, making it nearly impossible to cover the many derivative positions, which is causing unusual market behavior. Silver North and First Majestic are flexing their strength, while the silver-dependent Greentech sector is struggling, potentially creating attractive buying opportunities. As always, it is all about finding the right balance!