Silver Market Collapse Drags Pan American Silver Down 7.2%

Edgen Stock·Mar 23 2026, 08:32

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Key Takeaways

Pan American Silver's sharp pre-market decline is a direct casualty of a broader collapse in silver prices. The sell-off is not isolated to the metals market but is part of a global risk-off wave driven by persistent inflation fears and expectations of aggressive central bank rate hikes, pressuring commodity-linked equities.

Pan American Silver shares tumbled 7.2% to $43.30 in pre-market trading on March 23, tracking a severe downturn in the precious metals sector.
The stock's fall was triggered by a sharp weekly drop in COMEX silver prices, which broke down from previous highs to trade in a new $62-$70 range.
A macro environment of high inflation, rising global interest rate expectations, and a stronger U.S. dollar is fueling a broad sell-off across precious metals, including a historic drop in gold prices.

Pan American Silver Stock Slides 7.2% on Sector-Wide Pressure

Shares of Pan American Silver dropped 7.2% to $43.30 in pre-market trading on March 23, erasing a significant portion of their recent value. The decline was not driven by company-specific news but resulted from a severe, sector-wide sell-off impacting precious metals miners. The stock's movement directly mirrored the performance of COMEX silver, which experienced a sharp weekly decline, creating intense headwinds for all silver-exposed equities.

COMEX Silver Breaks Down, Entering $62-$70 Trading Range

The fundamental driver for the mining stock's weakness is a technical breakdown in the silver market. After failing to overcome resistance near the $93–$97 zone, COMEX silver prices have fallen into a new, lower trading range between $62 and $70. The market is now testing critical support around the $64 level. A decisive break below this floor could accelerate losses, pulling prices toward the $57–$59 range and signaling a deeper correction.

Global Rate Hike Fears Fuel Broad Metals Selloff

This downturn in silver is part of a larger dislocation across global markets. A wave of risk-off sentiment, powered by high inflation and the prospect of coordinated global interest rate hikes, has punished safe-haven assets. Gold experienced its steepest weekly decline in 43 years, falling over 10% to below $4,500 per troy ounce. With oil prices holding above $100 per barrel and the U.S. dollar strengthening, investors are liquidating positions in non-yielding assets like gold and silver, creating a challenging outlook for the entire precious metals complex.