Hecla, a silver mining stock, announced their earnings yesterday. Something jumped out from their report.
These companies are reporting record earnings. The average price of silver (London) during the 4th quarter of 2025 was $54.83 per oz.
Hecla's averaged realized price was $69.28 per oz.
If you go thru each quarter of 2025, they were receiving about $1 to $2 per oz above the average price for each quarter. Then in Q3 of 2025, it was over $3 more above the average price. Then for Q4 they received over $14 more than the average price.
That means the actual silver market is paying WAY higher than the publicly quoted spot price, in order to secure silver supply from miners.