Silver demand rises as industrial use surges

Tuesday, 14 July 2026

thesilverletter.com

Est. 2026

Silver & Precious Metals Intelligence

Market Commentary

Gold up 2% After Softer U.S. Inflation Data

Gold prices surged by 2% following the release of softer U.S. inflation data, which has led to a weaker dollar and increased demand for gold as an alternative asset. This environment typically supports higher prices for precious metals, including silver, as investors seek safe-haven assets amid economic uncertainty. The cooler inflation figures also suggest a potentially less aggressive Federal Reserve, which could lower interest rates and diminish the opportunity cost of holding non-yielding assets like silver. As a result, silver investors should remain vigilant, as these dynamics may lead to upward momentum in silver prices in the near term.

Is Now a Good Time to Invest in Silver and Gold?

The current discussions around investing in gold highlight a positive sentiment that is likely to influence silver and other precious metals as well. As central banks navigate interest rates and inflation, the potential for lower rates enhances the appeal of non-yielding assets like silver, which often moves in tandem with gold. Additionally, ongoing inflation concerns and geopolitical tensions are driving demand for safe-haven assets, supporting prices across the precious metals spectrum. Consequently, silver investors may find this environment favorable, as the interplay of these factors could lead to upward price momentum in the near future.

Gold Jumped $90 This Morning. June CPI Just Explained Why.

Gold surged by $90 this morning following a significant 0.4% drop in the June Consumer Price Index (CPI), the largest monthly decline since April 2020. This decline in inflation expectations has led to increased demand for precious metals, with silver also rising by 3%. While this initial rally reflects a positive sentiment among investors, caution is warranted as future inflationary pressures or central bank responses could alter the current dynamics. Investors should remain vigilant, as the interplay between inflation, interest rates, and central bank policies will be crucial in determining the sustainability of this upward momentum in silver and gold prices.

Gold and Silver Price Forecast: The Pullback is Over - Higher Prices Ahead

Gold and silverprices are poised for a recovery as recent economic indicators suggest a shift in market sentiment. The lower-than-expected Consumer Price Index (CPI) report has provided a supportive backdrop for gold and silver, indicating that inflationary pressures may be easing. This environment typically leads to a decline in real interest rates, which is bullish for gold and silver as it reduces the opportunity cost of holding non-yielding assets. Additionally, the current bottoming process in metals and mining stocks suggests that investor sentiment is shifting, potentially leading to increased demand for gold and silver as a safe haven. As we observe these dynamics, it is crucial to recognize that sharp V-shaped recoveries can occur, but more often, the recovery unfolds gradually. Central bank policies remain a significant factor, as any dovish signals could further bolster gold and silver prices. Furthermore, geopolitical tensions continue to create uncertainty, driving investors toward gold and silver as a hedge. ETF flows are also likely to reflect this renewed interest, as institutional investors seek to capitalize on the anticipated price increases. Overall, the combination of easing inflation, supportive monetary policy, and ongoing geopolitical risks positions gold favorably for higher prices ahead. Investors should remain vigilant and consider the implications of these factors on their gold and silver exposure.

Argenta Silver Corp. (TSXV: AGAG | OTCQX: AGAGF)

• A pure silver exploration company advancing the high-grade El Quevar Project in Salta, Argentina, Latin America's premier mining jurisdiction.

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Silver Company News

Minaurum Engages SGS to Complete Mineral Resource Update on the Alamos Silver Project

(TSXV: MGG) (OTCQX: MMRGF) Minaurum Silver Inc. announced it has engaged SGS Metallurgy and Consulting Geological Services to update the Company's mineral resource estimate on its high-grade Alamos Silver Project in Sonora, Mexico. In January 2026, Minaurum announced its inaugural mineral-resource estimate of 5.37 million tonnes containing 55.2 million ounces of silver equivalent grading 320 g/t AgEq or 202 g/t silver, 0.21 g/t gold, 0.43% copper, 0.97% lead, and 2.01% zinc. The resource contains 34.8 million ounces of silver, 35,640 ounces of gold, 51.0 million pounds of copper, 115 million pounds of lead, and 238 million pounds of zinc. The supporting NI43-101 technical report was filed on February 27, 2026, and included 104 drill holes, totaling 35,888.15 metres and 10,194 samples. Minaurum launched a 50,000-metre, six-rig core-drilling campaign in December 2025 as part of its ongoing resource-expansion program. The updated mineral-resource estimate will incorporate new data from the Europa, Promontorio, and Travesia vein zones, as well as additional vein zones including Europa Sur, Quintera and San Jose. The company expects the updated resource estimate later in 2026.

EraNova Produces 50 Oz Silver Bar From Silver Surprise Mini-Bulk Sample at Local Atlin Facility

(TSXV: NOVA) (OTCQB: STXPF) EraNova Metals Inc. announced the successful production of a 50 oz refined silver bar from the remaining tailings generated during metallurgical testing of the Company's previously announced 1,585 lb (719 kg) surface mini-bulk sample collected from the Silver Surprise zone at its 100%-owned Ruby Creek Property near Atlin, British Columbia. The 50 oz refined silver bar was produced by Rino Mihoc of Ruby Gold Ltd. at his processing facility in Atlin, British Columbia, located approximately 20 kilometres from the Ruby Creek Property. Metallurgical testing of the Silver Surprise mini-bulk sample demonstrated 95% silver recovery through direct smelting and previously resulted in the production of an initial 445 g (14.3 oz) refined silver bar from gravity concentrate. Previous surface sampling at the Silver Surprise Zone returned assays of up to 16,030 g/t silver, including 28 samples exceeding 1,000 g/t silver and four samples exceeding 10,000 g/t silver. The Ruby Creek Property is a 29,700-hectare land package near Atlin, BC, hosting both the Adanac Molybdenum Project and the Atlin Discovery Project. The company projects the advancement of the Adanac Molybdenum Project toward a NI 43-101 compliant Preliminary Economic Assessment and ongoing exploration across the Ruby Creek district.

Sierra Madre Receives Permit to Start East District Exploration Drilling

(TSXV: SM) (OTCQX: SMDRF) Sierra Madre Gold and Silver Ltd. announced it has received SEMARNAT approval for drilling in the East District of the Guitarra Mine silver-gold complex. The approval covers 22 drill pads from which multiple holes can be drilled, as part of a fully budgeted 30,000 metre drill program. The 2023 NI 43-101 La Guitarra report contains an exploration potential estimate for the East District of 0.77 to 1.54 million tonnes grading 2.4 to 3.6 g/t gold and 440 to 670 g/t silver, covering a combined strike length of 7.7 km. The 2023 Mineral Resource Estimate included an East District component at Mina de Agua, with an indicated resource of 761,000 tonnes grading 159 g/t silver and 0.19 g/t gold and an inferred resource of 545,000 tonnes grading 178 g/t silver and 0.13 g/t gold. The Guitarra mine includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025. In June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine, adding a past-producing, fully permitted asset to its Mexico-focused silver and gold portfolio. The company projects drilling to start within 60 days once a contractor has been selected.

Sun Summit Provides Exploration Update From the JD Project in BC's Toodoggone District; Over 5,000 Meters of Drilling Completed at the Creek Zone

(TSXV: SMN) (OTCQB: SMREF) Sun Summit Minerals Corp. announced an update on its 2026 exploration program at the JD Project in north-central British Columbia. Over 5,100 meters of drilling have been completed across thirteen holes at the Creek zone using two drill rigs, with an additional 9 holes planned. Highlight intercepts from 2025 drilling at the Creek zone include 81.0 meters of 4.80 g/t gold, including 34.0 meters of 9.07 g/t gold in drill hole CZ-25-021. At the Finn zone, up to nineteen drill holes are planned, with a 2025 highlight intercept of 17.0 meters of 2.31 g/t gold with 113.1 g/t silver, including 6.0 meters of 5.30 g/t gold with 157.9 g/t silver in drill hole FZ-25-002. A 740-line km Mobile MagnetoTelluric airborne geophysical survey has been completed at a nominal line spacing of 250 meters. The JD Project covers an area of over 15,000 hectares and is located 450 kilometres northwest of Prince George and 25 kilometres north of the Sturdee airstrip. The company projects that results from the completed 2026 drill program are expected to contribute to an inaugural mineral resource estimate planned for Q1 of 2027.

Zacatecas Silver Announces Non-Brokered Private Placement of up to $2,500,000 to Advance Oso Negro Drill Program

(TSXV: ZAC | OTCQB: ZCTSF) Zacatecas Silver Corp. announced a non-brokered private placement of up to $2,500,000 to fund its maiden drill program at the Oso Negro project in Sonora, Mexico. The offering consists of units priced at $0.07, each including one common share and one warrant exercisable at $0.09 for two years, with all securities subject to a four-month-and-one-day hold period. Oso Negro features the Prospecto (2.5 km strike) and Tere (0.5 km strike) vein systems, with phase one sampling returning up to 14.8 g/t Au and 2,340 g/t Ag across 156 samples, and 391 rock-chip grab samples collected in phase two. The company has identified 20 drill pad locations at Oso Negro and completed ecological studies required for a SEMARNAT drill permit, with the application in progress. Zacatecas Silver holds six projects across Mexico, including the Zacatecas Silver Project with a Mineral Resource Estimate at the Panuco deposit of 3.41 million tonnes at 187 g/t AgEq for 20.5 million ounces AgEq, and the Esperanza project with a Measured and Indicated Mineral Resource Estimate of 45.4 million tonnes at 0.79 g/t AuEq for 1.15 million ounces AuEq. The company also holds four exploration properties in Sonora and Oaxaca, including Cumaro, La Lola, and Ejutla. The company projects that proceeds from the offering will fund the maiden drill program at Oso Negro, continued exploration and permitting activities across Zacatecas, Sonora, Morelos, and Oaxaca, and general working capital.

Guardian Metal Resources - Non-Core Portfolio Exploration Results

(LON:GMET, OTCQB:GMTLF) Guardian Metal Resources plc announced updates on its non-core Nevada-based project portfolio, including the acquisition of the White Elephant tungsten project in Elko County, Nevada, through the direct staking of 57 new BLM lode mining claims. Initial rock chip and chip channel sampling at White Elephant returned significant tungsten grades, including 95 ft (29.0 m) @ 0.31% WO3. At the Pilot North tungsten-copper-silver project, 210 ft (64 m) of machine-cut and chip channel samples were collected, with channel sampling returning 95 ft (29.0 m) @ 0.18% WO3 and several high-grade W-Cu-Ag grab sample results. The Cinch tungsten-silver project was acquired through staking 20 new BLM lode mining claims, with grab samples including 0.22% WO3 and 1,950 g/t Ag. At the Garfield gold-silver-copper project, 56 new BLM lode mining claims were staked, and chip channel samples included 180 ft (55 m) with results such as 11.2 g/t Au and 8.55 g/t Au & 7.1% Cu. The company projects that the now expanded Non-Core Asset base may hold considerable value and will update the market as material developments occur.

GR Silver Mining Ltd.

Discover GR Silver Mining, a silver-focused exploration and development company advancing high-grade assets in Mexico's prolific silver belt.

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