Silver Surges Past $90 Amid COMEX Glitches and Record Deliveries - Miners Eye Triple-Digit Targets

Spot silver hit $90 per ounce this week as COMEX reports unusual glitches and massive physical deliveries, signaling tightening supply amid industrial boom. Miners at PDAC conference forecast $150+ potential.

Spot silver rocketed to $90 per ounce in recent trading, capping a volatile week marked by COMEX circuit breaker failures and unprecedented delivery volumes. Bank of America analysts now project prices up to $39 by year-end under baseline demand, with outlier forecasts reaching $135-$309 in extreme scenarios.

As of: March 14, 2026

Dr. Elena Voss, Senior Precious Metals Strategist. Tracking silver's industrial and safe-haven pivot amid global supply strains.

COMEX Disruptions Signal Physical Squeeze

COMEX silver futures experienced multiple glitches since Thanksgiving, including circuit breakers failing twice on the downside. Prices spiked before halts, reopening hours later with sharp drops - one instance saw a $4 decline after a four-hour pause. Deliveries hit roughly 25 million ounces in February, a non-primary month, with 39 million ounces physically removed from the exchange. This volume equates to thousands of mint boxes, raising questions on who is absorbing supply.

These events coincide with spot silver's push above $90, up from prolonged sub-$30 levels. The metal spiked to $120 before correcting to $70, a 150-175% move from prior bases. Volatility reflects structural deficits persisting for years, now amplified by physical offloading.

Major Miners Adapt to New Price Reality

At the PDAC conference, leaders from Pan American Silver, Endeavour Silver, Hecla Mining, and First Majestic outlined strategies for $90+ silver. Pan American reported stable costs and growing margins after portfolio additions, planning 14% production growth this year plus 15-18 million ounces from the Lacerdado project. Endeavour emphasized growth versus value, funding new mines amid security challenges in Mexico.

Hecla Mining focuses on free cash flow discipline, advancing a Nevada silver project with conservative price assumptions despite bullish fundamentals. First Majestic noted institutional investors entering silver alongside surging physical demand. All flagged silver's critical mineral status, essential for electrification.

Silver miners plan around $90 levels, with predictions of $150-$175 not uncommon internally. Recent $20 daily spikes and corrections tested planning, but executives view higher settles as likely.

Industrial Demand Locks In Gains

Silver's designation as a strategic metal drives sticky demand from solar, electronics, and defense sectors. Electrification trends - EVs, renewables, 5G - consume silver irreplaceably due to conductivity. Global deficits have run multi-year, with industrial use outpacing mine supply growth.

Miners note this demand does not vanish; it's structural. Recent COMEX withdrawals suggest end-users securing allocations pre-shortages. Bank of America ties upside to these trends, forecasting $39 baseline but acknowledging higher trajectories if deficits widen.

European Investors Face Unique Angles

For DACH and European investors, silver's surge aligns with ECB rate path and euro weakness. German solar installations lead Europe, amplifying local industrial pull. Swiss refiners process much global silver, benefiting Zurich traders. ETCs like those on Xetra see inflows as inflation hedges, distinct from US ETF flows.

Eurozone manufacturing PMI hints at reacceleration, boosting silver fab demand. Against weakening euro-dollar, silver priced in USD gains extra lift for continental portfolios. Geopolitical tensions in West Asia add safe-haven bid, relevant for energy-importing Europe.

Macro Backdrop Fuels Volatility

Fed meeting March 17-18 looms, with rate cut expectations supporting precious metals. Real yields remain suppressed, dollar softening aids silver. Gold's remonetization talk spills over, though silver lags on industrial skew. Gold-silver ratio extremes suggest catch-up potential.

Stock dumps by institutions signal risk-off, channeling funds to metals. Iranian conflict escalates energy risks, indirectly lifting industrial silver via supply chain hedges.

Risks and Near-Term Catalysts

Upside risks include further COMEX strains, solar fab ramps in China/Europe. Downside from rapid margin calls or dollar rebound. Miners' capex discipline tempers supply response.

Catalysts: Fed dots, ECB comments, PDAC follow-ups, March delivery data. Watch ETF/ETC flows for positioning clues - risk appetite or hedging?

Disclaimer: Not investment advice. Commodities and other financial instruments are volatile.