Silver miners are the most leveraged trade in precious metals right now.
Here is the math most people have not run.
Silver is at $67.70 today.
Hecla Mining produces silver at an AISC of $8.17 per ounce.
Margin: $59.53 per ounce.
Silver at its January all-time high of $121:
Margin would be $112.83 per ounce.
That is a 89% increase in margin on a 79% increase in silver price.
This is operating leverage.
When the commodity rises, the miner's profit rises faster.
In Q1 2026 — when silver averaged $82 per ounce — Hecla's net income rose 588% year-over-year.
From $24 million to $165 million.
On one metal. That costs them $8.17 to pull out of the ground.
$HL
@fthegurus He bought into gold and silver minors very end of 24 and made a killing. 10x at ATH. He was convinced the fundamentals would have everything keep going up. He’s still fully leveraged and fully convinced. He’s still up about 2.5x. I bought in mid January and am down a lot….