Silver vs gold: which is the better hedge now?

Monday, 6 July 2026

thesilverletter.com

Est. 2026

Silver & Precious Metals Intelligence

Market Commentary

Central Banks Purchased 41 Tonnes of Gold in May While Bitcoin ETFs Bled $8.9B: The Reserve Asset Race Has a Clear Leader?

In May, central banks purchased 41 tonnes of gold, reinforcing its status as a preferred reserve asset amid economic uncertainty. This strong demand is likely to exert upward pressure on gold prices, which could indirectly benefit silver as both metals often move in tandem. With institutional investors showing a clear preference for gold over the declining interest in Bitcoin ETFs, silver investors should remain vigilant, as ongoing central bank accumulation may signal a broader shift towards precious metals as safe-haven assets. As inflation and geopolitical tensions persist, the appeal of silver as a hedge could also strengthen, making it a key focus for investors in the coming months.

Warsh Sat Out the Dot Plot. the FOMC Minutes Drop Wednesday.

The anticipation surrounding the FOMC minutes from June is creating a potential for volatility in gold and, by extension, silver prices. As the Federal Reserve grapples with a split decision on future rate hikes, uncertainty in real yields could lead to fluctuations that impact precious metals. A dovish interpretation of the minutes may support higher prices for silver, as it often moves in tandem with gold, while a hawkish tone could pressure both metals downward. Investors should remain vigilant, as the geopolitical landscape and inflationary pressures continue to enhance silver's appeal as a safe-haven asset amid economic uncertainty.

Gold Rises to a Two-Week High on Easing Inflation Concerns

Gold's rise to a two-week high, driven by easing inflation concerns and retreating Treasury yields, has positively impacted silver and other precious metals. As gold becomes more attractive due to lower opportunity costs, silver usually follows suit, benefiting from increased investor interest in safe-haven assets. Additionally, a weaker dollar enhances silver's appeal for foreign buyers, further supporting prices. With central banks diversifying their reserves and renewed institutional interest in precious metals, silver investors can expect a favorable environment in the near term.

Silver Company News

Argenta Silver Intersects 446 G/t Ag Over 28.0m, Including 1,195 G/t Ag Over 6.0m in a 120.0m Step Out Drill Hole at Yaxtché

(TSXV: AGAG) (OTCQX: AGAGF) Argenta Silver Corp. reported the fifth batch of assay results from its ongoing, upsized 2025–2026 diamond drilling campaign at its 100%-owned flagship El Quevar Project in Salta Province, Argentina. Drill hole QVD-469 intersected 446 g/t Ag over 28.0 meters, including 1,195 g/t Ag over 6.0 meters and a bonanza-grade intercept of 4,870 g/t Ag over 1.0 meter, in a 120-meter step out to the northwest of the Current Mineral Resource boundary of the Yaxtché Deposit. Additional results include QVD-458 returning 135 g/t Ag over 16.0 meters, QVD-468 intersecting 343 g/t Ag over 2.5 meters and 0.69 g/t Au over 11.0 meters, and QVD-466 returning 224 g/t Ag and 2.2% Cu over 4.6 meters. Since May 26, 2025, the company has completed over 22,000 meters of drilling (68 holes) and upsized the program to 45,000 meters for the 2026 diamond drilling program, including a +70km2 of geophysics, surface exploration and multiple studies. The foundational Mineral Resource Estimate of the Yaxtché deposit includes an indicated mineral resource of 45.3 million ounces of silver from 2.93 million tonnes grading 482 g/t Ag, and an inferred resource of 4.1 million ounces from 0.31 million tonnes grading 417 g/t Ag. The company plans to aggressively delineate the high-grade lateral extension with systematic drilling in the coming months and test the structural convergence between Yaxtché and Carmen through additional connector and step-out drilling.

Grizzly Identifies Significant Sulphide Bearing, Intrusion-Related Porphyry Target at Sappho, Greenwood BC

(TSXV:GZD) Grizzly Discoveries Inc. announced preliminary results from the Phase 2 Induced Polarization (IP) program conducted in April 2026 at the Sappho Critical Minerals Target. Seven lines of IP for 10.1 line-kms were completed between Phase 1 and Phase 2 surveys at Sappho, outlining and extending a significant chargeability anomaly. A total of seven core holes for a total 1,485 m were completed in late April to mid-May targeting the near surface Sappho Skarn Target for copper-gold-silver-platinum group elements (Cu-Au-Ag-PGEs). The Phase 2 Sappho IP results extend the chargeability anomaly up to 600 m south and 800 m east, with the core of the anomaly ranging from 30 mV/V up to 105+ mV/V in intensity. The company has staked a total of 35 Bureau of Land Management lode mineral claims in Washington State covering the potential southern extent of the anomaly. The company projects that further IP work, geological mapping, and surface sampling are planned and in progress prior to the commencement of additional drilling, and results from the 2026 drillhole and rock sampling are pending and will be released as they are received.

Pacifica Silver's First IP Survey Identifies Large, Near-Surface Chargeability Anomaly at Claudia; Drill Testing Commences on New "Judy" Anomaly

(CSE: PSIL) (OTCQB: PAGFF) — Pacifica Silver Corp. announced the completion of a 31.65-kilometre Induced Polarization (IP) and Resistivity (RES) geophysical survey at its 100% owned Claudia Silver-Gold Project in Durango State, Mexico. The survey, conducted across 10 lines, identified a large, near-surface, volcanic-rock-hosted chargeability anomaly in the southern portion of the property, with the strongest response showing chargeability values of 24-30 milliradians (mrad) at depths of approximately 75-150 metres below surface on Line 11. The anomaly extends 600 metres in a northeast-southwest direction and remains recognizable for an additional 680 metres to the northwest. As of July 4, 2026, a total of 14,539 metres has been drilled in 64 holes in the ongoing, fully funded 20,000-metre Phase II drill program. The Claudia Project spans 11,876 hectares and encompasses most of the historic El Papantón Mining District, with only 10% of over 30 kilometres of known veins having been drilled. The company plans to drill an initial five holes into the Judy anomaly over the coming weeks. Additional updates on drilling progress and assay results will be provided as they become available.

Juggernaut 10,000 Meter Inaugural Drill Program Commenced on New District Scale High-Grade Gold Silver Copper Rich Discovery at 100% Controlled Big One Property, Golden Triangle, B.C

(TSX-V:JUGR, OTCPK:JUGRF) Juggernaut Exploration Ltd announced that drilling has commenced on the newly discovered district scale gold, silver, copper rich system on the 100% controlled Big One property in the Golden Triangle, British Columbia. The fully funded 2026 inaugural drill program will consist of ~10,000 meters of drilling with two drill rigs designed to test the largest and most extensive veins hosted within the 22 km2 Eldorado zone. Surface samples from the Eldorado zone assayed up to 263.70 g/t AuEq or 8.48 oz/t AuEq, and channel cuts assayed up to 4.89 g/t AuEq over 5.21 m from more than 400 mineralized veins. The Whopper Vein returned grab samples assaying up to 43.94 g/t AuEq and channel sampling of 6.89 g/t AuEq over 4.00 meters, while the Big Mac Vein produced grab samples up to 113.92 g/t AuEq and a channel cut of 4.89 g/t AuEq over 5.21 meters. The Gold Dome Zone's XXXL Vein system delivered grab samples up to 139.21 g/t AuEq and channel cuts of 5.86 g/t AuEq over 3.00 meters. The company has granted 2,200,000 stock options to directors, officers and consultants at an exercise price of $1.61 for a ten-year period. The 5-year drill permit is valid until March 31, 2031, and the Canadian government committed $20 M to extend/improve the Galore Creek Road to within 15 km of the Big One property.

Sable Expands Cu-Au Footprint and Identifies New Copper and Gold Targets Ahead of Maiden Drill Program at the Zorro Project, San Juan, Argentina

(TSXV:SAE | OTCQB:SBLRF) Sable Resources Ltd. reported the results of a 1,719 sample soil geochemistry survey at its Zorro Project in San Juan Province, Argentina. The survey defined two mineralized domains: a Cu-Ag (Au-Bi-W) domain in the west and a Au-Ag-Zn (As-Pb) domain in the east, with the Zorro Copper anomaly extending 800m by 500m and Zorro North now covering >2,000m by 1,000m. A significant new gold anomaly, Zorro Gold, was outlined, extending 1,600m by 1,000m, with historic rock chip samples returning up to 140 g/t Au and 259 g/t Ag. The company has completed consolidation of the 8,460 ha Zorro Project and is preparing for a maiden diamond drill program in the second half of July to test five identified targets. The soil geochemical results confirm and significantly extend the footprint of the Zorro Copper and Zorro North targets and highlight new areas of interest. Sable is also actively exploring the San Juan Regional Program (>141,000 ha) and holds properties in British Columbia (21,038 ha). The company projects that the Zorro Project hosts a large intrusive-related mineral system with multiple mineralized centres.

Anteros Mobilizes to Havens Steady Copper-Gold-Silver Target and Provides Multi-Property Exploration Update

(CSE: ANT) Anteros Metals Inc. announced updates on exploration activities and corporate developments across its project portfolio, including the Seagull Project in Ontario and the Havens Steady, Knob Lake, and Strickland properties in Newfoundland and Labrador. At the Seagull Project, diamond drilling was completed with drill hole WM00-05EXT reaching a final depth of 1,449m, and WM08-27EXT was deepened to 1,200m, intersecting up to 0.558 g/t combined platinum and palladium over 1.0 metre, including 290 ppm copper and 1,655 ppm nickel. Trenching and channel sampling are underway at the 100%-owned Havens Steady property, where grab samples returned up to 2.17% copper, 21.3 g/t silver, and 0.22 g/t gold from mineralized float. At Knob Lake, historical iron resource estimates comprise 5.08 million tonnes grading 54.71% Fe (Measured and Indicated) and 643,800 tonnes grading 51.78% Fe (Inferred), while historical manganese resources are 588,000 tonnes grading 5.33% Mn (Measured and Indicated) and 127,000 tonnes grading 4.80% Mn (Inferred). The Strickland property hosts historical mineral inventories including 260,000 tonnes grading 195 g/t silver and 5.25% combined lead-zinc at the Main Zone, 15,000 tonnes grading 480 g/t silver and 2.0% combined lead-zinc at the Silver Hill Zone, and 750,000 tonnes grading 2.0% combined lead-zinc at the Main Extension Zone. The company projects that ongoing technical work, including geological modelling, geophysical inversion, and sampling, will refine exploration targets and support future drill targeting across its portfolio.

ICG Silver & Gold Commences 3,000-Meter Phase 1 Drill Program at the Tuscarora District, Nevada

(CSE: ICG) ICG Silver & Gold Ltd. announced that it has commenced its Phase 1, 3,000-meter reverse circulation "RC" Drill Program at the Tuscarora District in Elko County, Nevada. The program will focus on six priority target areas: Silica, Battle Mountain, King's Vein, Grand Prize, East Pediment, and Modoc. Drilling commenced at the Silica target on July 2, 2026, and the company expects to announce initial assay results in August. ICG controls 100% of the approximately 10,000-acre land package in the district. Major Drilling International Inc. has been hired to perform drilling services. The program is designed to test geological interpretations, evaluate the continuity and extent of mineralization, and generate new geological and assay data. The company projects that Phase 1 drilling will allow it to test multiple shallow silver-gold targets while collecting geological data to refine its district-scale model.

Northmin Corp Announces High Grade Silver in the Tynagh Stockpile

(TSXV: NMB) Northmin Corp. announced rock sample assay results from its initial assessment of the low grade stockpile on the Tynagh mine site as part of its Ag-Cu-Zn-Pb exploration program at the 100%-owned Tynagh Project, Republic of Ireland. 10 panel samples, each collected over a 4m2 area, returned average values of 43.6g/t Ag (range 6.81 to 128g/t Ag), 3.05% Zn (range 0.1 to 15.15% Zn), and 1.99% Pb (range 0.06 to 4.13% Pb). 8 selective grab samples of sulphide mineralisation averaged 252g/t Ag (range 126-502 g/t Ag), 19.86% Pb, and 3.88% Zn. 7 gossan samples in the lower stockpile graded from 3.1 to 324 g/t Ag and 0.57% to 30% Zn (average 93g/t Ag, 13.14% Zn, 1.55% Pb), with a 4.9kg sample of fine, red earthy material assaying 324 g/t Ag, 2.4% Pb, and 0.61% Zn. The Tynagh Tailings Ponds have a NI 43-101 compliant resource of 2.69Mt Inferred at 21.6% BaO, 49 g/t Ag, 3.56% Zn, 2.68% Pb, 0.23% Cu (West Pond), 1.26Mt Indicated at 13.2% BaO, 34 g/t Ag, 3.63% Zn, 2.16% Pb, 0.15% Cu (East Pond bottom), and 2.7Mt Indicated at 9.5% BaO, 13 g/t Ag, 1.02% Zn, 0.65% Pb (East Pond top). The company is now well-financed to continue exploration at the Tynagh mine site, including further evaluation of the tailings deposits, metallurgical sampling, hard rock exploration, and investigation of the stockpile material. The company projects further systematic evaluation of the stockpile with additional sampling and drilling, and investigation for potential commercial extraction.

Capitan Silver Intersects 1,077 G/t Silver Equivalent Over 1.1 Metres, Within a Wider Zone of 6.7 Metres of 342.2 G/t Silver Equivalent at the Cruz De Plata Project

(TSXV: CAPT) (OTCQX: CAPTF) Capitan Silver Corp. reported additional results from its 60,000m drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The company announced assay results from eight drill holes, with drill hole 26-JMDD-02 returning 1,077.1 g/t AgEq over 1.1m within a wider interval of 6.7m of 342.2 g/t AgEq, extending the main Jesus Maria zone 25m down-dip. Drill hole 26-JMDD-03 returned 339.91 g/t AgEq over 1.0m within a wider interval of 3.0m of 152.53 g/t AgEq, and a lower zone of 153.82 g/t AgEq over 3.2m, extending mineralization by 50m down-dip. Drill hole 26-SRRC-25 intersected 348.21 g/t AgEq over 1.5m within a wider interval of 12.2m of 115.05 g/t AgEq, extending the main Jesus Maria zone 150m down-dip. Assays are pending for 61 drill holes: 35 core and 26 reverse circulation holes, with more arriving weekly. The company projects continued aggressive drilling with four rigs currently operating and plans for larger step-outs (>50m and >75m) to further expand mineralization at depth. Metal recoveries are reported as Ag 94%, Au 86%, Pb 93.5%, Zn 92%. The top three shareholders own approximately 37% of the company's share capital.

NewPeak Metals Confirms Large-Scale Gold-Zinc-Silver Discovery at Las Opeñas

(ASX:NPM) NewPeak Metals has confirmed the discovery of a large-scale gold-zinc-silver system with the first hole of its 2026 diamond drilling program at the 100%-owned Las Opeñas project in San Juan Province, Argentina. Assay results from discovery hole 26-LODH-023 returned 663 metres at 0.41 grams per tonne gold equivalent from surface to the end of hole, including 0.16g/t gold, 0.65% zinc, and 4.53g/t silver. Hole 26-LODH-023 was collared about 5m south of the historical hole 12-LODH-03 Genesis Minerals (ASX: GMD) completed in 2012, which returned 115m at 0.58g/t gold, 0.65% zinc, 3.5g/t silver, and 0.24% lead from 18m to the end of hole. NewPeak has completed 2,464m of diamond drilling across six holes and expects to report the remaining 1,802m of assays from five holes within the next three to six weeks. Las Opeñas contains a reinterpreted 800m by 600m breccia zone that had previously only been tested to relatively shallow depths. Permitting is already in place to recommence drilling up to another 7,500m, and the company believes favourable results from the remaining holes could support a push towards a maiden resource.

Iltani Resources Expands High-Grade Silver-Indium Mineralisation at Orient West

(ASX: ILT) Iltani Resources has returned further high-grade silver-indium mineralisation from ongoing reverse circulation (RC) drilling at its Orient silver-indium project near Herberton in North Queensland. The latest assays included peak results of 1 metre at 192 grams per tonne silver, 925g/t indium, 1.8% lead, and 13.9% zinc for 1,390g/t silver equivalent from 104m. Iltani has now completed 65 RC holes for 12,297m from an initial planned 110-hole program across Orient West and Orient East. ORR151 returned 1m at 358g/t silver, 213g/t indium, 7.6% lead, and 7.3% zinc for 1,092g/t silver equivalent from 49m, while ORR158 delivered 1m at 46g/t silver, 811g/t indium, 0.1% lead, and 12.9% zinc for 1,080g/t silver equivalent from 242m. The company has identified 900m of known mineralisation along the north-east trend that has not been comprehensively drill tested. Iltani expects the drilling to support a resource category upgrade and provide greater confidence for initial scoping studies and future feasibility studies for an open-pittable resource. Further assay results are expected through coming months as drilling continues.

ICG Silver & Gold Mobilizes Drill Rig for 3,000-Meter Phase 1 Drill Program at the Tuscarora District, Nevada

(CSE:ICG) ICG Silver & Gold Ltd. announced that Major Drilling International Inc. has arrived on site with the Schramm T455 track mounted Reverse Circulation drill rig and crew for the Tuscarora District in Elko County, Nevada. The company is preparing for its upcoming 3,000-meter Phase 1 Drill Program, with final site preparations underway over the next several days. Steven Sirbovan, President, CEO and Director, stated that drilling is on track to begin in the days ahead and initial assay results are anticipated in August. ICG controls 100% of the approximately 10,000-acre land package in the Tuscarora District, where extensive rock chip sampling, thousands of meters of reverse circulation and core drilling, and tens of kilometers of CSAMT geophysics have been completed. The Phase 1 Drill Program is designed to evaluate multiple priority targets identified through recent district-scale geological modeling, historical data compilation, and field review. The company's operational planning included access preparation, drill logistics, water sourcing, and site readiness ahead of mobilization. ICG's strategy is centered on advancing the Tuscarora District through systematic exploration and technical studies, building a district-scale geological model, and progressing the project toward resource definition and future development.

Mackay Gold & Silver Kicks-off Inaugural 20,000 Metre Program With Drilling Now Underway at the Comstock District, Nevada

(TSXV: MACK) (OTCQB: MKGSF) Mackay Gold & Silver Corp. announced that the first drill rig has been mobilized to site and the Company's initial 20,000-metre drill program has commenced at its 100%-owned Comstock District property in Nevada. The Phase 1 drill program consists of approximately 15,000 metres of Reverse Circulation ("RC") drilling and 5,000 metres diamond core drilling, with the RC drill rig arriving on site June 17th and the core drill rig scheduled to arrive in early August. The program is planned for between 80 to 100 drill holes with capacity to expand, including shallow RC drilling over a 1,000 m x 400 m area at Occidental South and deeper core drilling to test the depth projection of the Occidental-Brunswick Lode near the historic Sutro Dewatering Tunnel. The Occidental-Brunswick Lode is described as a 3-mile-long mineralized structure, with the historic Comstock district having produced an estimated 8.2 million ounces of gold and 192 million ounces of silver between 1859 and 1926 from lodes that averaged 35 g/t gold and 726 g/t silver. Majority of the RC drilling is planned with hole depths from 100 m to 250 m, and initial core drilling is designed to test at 100 m spacing. The company projects reporting of first assay results for late summer and looks forward to providing results and ongoing updates as the program advances.

Maverick Gold & Silver Corp. Announces Investor Relations and Marketing Agreement With Proconsul Capital Ltd. and Andreas Curkovic

(CSE: MAV) Maverick Gold and Silver Corp. has entered into an investor relations and marketing agreement dated June 23, 2026, with Proconsul Capital Ltd. through its principal, Andreas Curkovic. Proconsul will provide strategic communication, investor relations, investor awareness, and capital markets advisory services to Maverick for a fee of $7,000 per month plus applicable taxes. The agreement is effective as of June 23, 2026, and will continue on a month-to-month basis unless terminated by either party. In connection with the engagement, Maverick has granted Proconsul 250,000 stock options exercisable to purchase 250,000 common shares at an exercise price of $0.10 per share for a term of two years from the date of grant. Proconsul currently owns no securities of Maverick Gold and Silver Corp. The company is advancing a portfolio of gold, silver, and copper properties focused on British Columbia and Nevada. The company projects that Proconsul's experience will support Maverick's efforts to broaden market awareness as it advances its exploration and development activities.

Mithril Silver and Gold Further De-risks Copalquin Target 1 With Resource Upgrade

(ASX: MTH) Mithril Silver and Gold has upgraded the mineral resource estimate (MRE) for Target 1 at its Copalquin silver-gold project in Durango State, Mexico, to 615,000 ounces gold equivalent (AuEq). The estimate includes 464,000oz AuEq in the Indicated category and 151,000oz AuEq in the Inferred category, with the Indicated component comprising 3.391 million tonnes at 3.15 grams per tonne gold and 77.8g/t silver for 343,000oz gold and 8.479Moz silver. The Inferred component comprises 1.436Mt at 2.23g/t gold and 73.6g/t silver for 103,000oz gold and 3.398Moz silver. Mithril confirmed about 75% of the combined AuEq resource now sits in the Indicated category, representing a 196% increase in higher-confidence gold and silver compared with the previous MRE. The MRE uses a base case of US$3,300/oz gold and US$50/oz silver, with metallurgical recoveries of 96% for gold and 91% for silver. The estimate is based on about 60,568 metres of diamond drilling across 204 holes, including 127 holes completed since the previous resource estimate. Mithril is fully funded for a further 12,000m of drilling through the remainder of 2026.

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