The headline says 4 percent. The futures pit did not. On October 14, 2026, front-month Comex silver for October delivery settled at $55.550 a troy ounce. The loss was $3.611, or 6.10 percent, according to Dow Jones market data. That was the largest one-day percentage drop since June 24, 2026, and the lowest settlement since November 26, 2025. Over three sessions the metal was down $5.12, or 8.44 percent. Year to date it was down $14.584, or 20.79 percent. From the 2026 high of $115.08, set on January 26, the settle was off 51.73 percent. A spot reading the same afternoon was nearer a 5.5 percent drop, with the price under $56 and the year's low near $54.77 still below it. Four percent is a rounded headline. It is not the print.
Here is the only idea. Best value is the wrong question until the cost unit matches the price unit. A hot inflation report changed the silver price. It did not tell you whether a Canadian-listed company sells silver ounces, silver-equivalent ounces, gold with a silver credit, or a stream converted at $80 silver. Pan American's silver-segment cost is a by-product figure, pulled down by mines that printed a negative cost. First Majestic's cost is per silver-equivalent ounce, on attributable ounces. Endeavour's cost is per silver ounce, after credits. Aya printed a record ounce count the same day and did not print a cost with it. Wheaton does not run a mine, and its equivalent-ounce math still uses $80 silver. Subtract today's price from the wrong unit and you will invent a bargain. The inflation print cannot pick the best Canadian silver stock. It can only change the price on the correct line, once you have found that line.
Nothing here is investment advice, a solicitation, or a recommendation to buy, sell, or hold bullion or any share. A place in this discussion is not a rating. Costs are company-defined. They are already a quarter old, except where a newer production note says otherwise. You can lose money.
What the inflation print did, and what it did not
September consumer prices rose 0.6 percent on the month, the largest monthly rise in five months, and 3.7 percent on the year. A published comparison put the yearly figure above a 3.6 percent forecast. Core prices, which leave out food and energy, rose 0.3 percent on the month and 2.6 percent on the year. One odds screen had the chance of a Federal Reserve rate increase at the October meeting moving from 22.1 percent to 41.5 percent after the release. The chance of no change was still above half on that screen, down from roughly 78 percent. Another account the same day put the chance of a December hike near a near-certainty if October was a pause, and a separate reading had the October hold nearer 50 percent. The screens did not agree. They agreed on the direction. Federal Reserve interest rate expectations moved toward tighter policy, not easier policy.
Silver pays no interest. A higher expected real yield is a raise the bar does not pay. Gold has the same problem, and gold fell less. Front-month gold settled at $4,084.80, down 1.64 percent. Divide that gold settle by the silver settle and the ratio is about 73.5 ounces of silver for one ounce of gold. At the January highs, with silver at $115.08 and gold near $5,600, the same ratio was closer to 49. Silver has been the metal that gave back more. Precious metals investing that treats the two as one trade missed the spread. Silver price volatility on this day was not a mining story. No major Canadian mill shut because of the consumer price index. The move was the dollar, the yield, and a crowd that had been holding a metal already cut in half from its high.
Industrial silver demand did not reprice in the hour after the print. Solar panels, electronics, and solders do not change their order books because core inflation was a tenth hot. Those uses are real. They are also slow. A silver market outlook that explains a 6.10 percent futures drop by a sudden shortage, or a sudden glut, is using a supply story to decorate a rates story. Silver supply and demand still matter for the next year. They were not the tape on Wednesday. The tape was the cost of holding a bar that pays nothing while the market marked up the chance of a hike.
A silver price correction of this size inside a year that is already down about 21 percent is not a fresh cycle. It is another step down from a January extreme. The 52-week low in the futures data was $46.562, on October 27, 2025. The settle is still about 19 percent above that low, and about 52 percent below the high. Anyone hunting silver investment opportunities because the headline said 4 percent is hunting inside a range the headline shrank. Use $55.55. Use 6.10 percent. Then decide whether the business you own clears that price on the unit the company actually reports.
Value is a unit, not a feeling
A value gap is a price minus a cost. The price has to be the thing the cost describes. If the cost is per silver ounce after gold credits, you may subtract a silver price. If the cost is per silver-equivalent ounce, you may not. An equivalent ounce is silver plus other metals translated at a ratio. Change the gold price, or the ratio, and the ounce changes size. If the cost is negative, a by-product credit was larger than the costs assigned to silver. A negative cost is not a promise that the mine pays you to operate at any silver price. Take the gold credit away, or lower it, and the negative number can vanish.
That is why a list of best Canadian silver stocks sorted by "who is cheapest after the drop" fails before the first ticker. Canadian silver mining stocks are not one product. Some dig silver in Mexico, Morocco, or Peru and also dig gold. Some dig mostly gold and report a silver segment. Some own a contract on another company's metal. A junior silver mining stock often has no cost per ounce at all, because it has no mill. Silver stocks to watch, if the phrase means anything, means watch the unit. The October drop is the new price. It is not the research.
All-in sustaining cost is not a standard, even when two companies use the same words. It leaves out growth capital. It can be net of by-product credits. It can be per silver ounce, per gold ounce, or per equivalent ounce. Two figures that both say AISC can differ by twenty dollars because one of them ate a gold credit and the other did not. A silver price forecast does not repair that. Neither does a 6 percent day.
Pan American: the segment cost is not the mine
Pan American Silver is the large Canadian-listed producer people reach for when they want silver at scale. In the second quarter of 2026, attributable silver production was 6.47 million ounces. Attributable gold production was 165,900 ounces. Silver-segment all-in sustaining cost was $17.80 per ounce. Gold-segment all-in sustaining cost was $1,984 per ounce. Attributable free cash flow was $344 million. Those are the headline figures in its filing. They are not one business. The gold-segment cost in the quarter also sat above the full-year gold cost guide of $1,700 to $1,850 an ounce. The quarter was not the year the company had drawn.
Read the silver cost before you subtract it from $55.55. A gap of about $37.75 an ounce appears if you do that subtraction. The gap is real only if $17.80 means what a reader thinks it means. It does not. The segment cost is after by-product credits. The filing says the figure was lower than a year earlier in part because Juanicipio added low-cost ounces, and in part because of Cerro Moro, where gold by-products counted for more as the gold-to-silver mix and the gold price were higher. Juanicipio came in with the September 4, 2025 acquisition of MAG Silver. Pan American's interest is 44 percent. Fresnillo operates the mine and holds 56 percent. Attributable silver production was 1.74 million ounces in the quarter. All-in sustaining cost on that interest was negative $6.14 an ounce. For the half it was negative $4.50. The company said those figures were lower than it had expected. Cerro Moro was more extreme. Its silver-segment all-in sustaining cost was negative $58.37 an ounce. A negative cost means credits exceeded the costs assigned to the silver ounce. It does not mean the rock was free. The $17.80 average is mostly that credit math. It is not proof of a cheap silver mine.
The same filing shows how wide the mines are once you stop averaging them. La Colorada printed an all-in sustaining cost of $48.63 an ounce, up $24.45 from the year-earlier quarter. The company said the increase was driven mainly by higher royalties, and those royalties were mostly net-profit payments to an adjacent concession owner for mining on that ground at higher metal prices, plus higher employee bonuses and higher direct selling costs. Huaron printed $36.25. San Vicente printed $38.85. The consolidated $17.80 is what you get when credit-rich ounces, above all Cerro Moro at negative $58.37 and Juanicipio at negative $6.14, pull the average down. A value screen that uses only $17.80 will call the company cheap against $55.55 and will not have opened the mine pages. At La Colorada's $48.63, the gap to the settle is about $6.90, not $38. That mine is not underwater at $55.55. It is a different business from the segment average. If silver were to revisit the 2025 low near $46.56, La Colorada's reported cost would sit above the price. The segment average still would not.
Then there is the gold. At $1,984 an ounce of gold-segment cost, the gap to a $4,085 gold price is about $2,100 an ounce. Pan American is a silver company in the name and a large gold producer in the ounce book. Full-year guidance is 25 to 27 million silver ounces and 700,000 to 750,000 gold ounces. The first half delivered 12.90 million silver ounces, inside a half-year silver guide, and 335,100 gold ounces, a little under the half-year gold range of 339,000 to 362,000. You can own this share because you want silver. A large part of the cash is still tied to gold, zinc, and lead. The inflation print hit silver harder than gold. It did not convert the gold segment into a silver segment.
The watchlist question is which cost you are using. If you are using $17.80, write "after credits, including Cerro Moro at negative $58.37 and Juanicipio at negative $6.14" on the same line, and write that Fresnillo operates Juanicipio. If you are using La Colorada, use $48.63 and the concession royalty, and do not let the segment heal it. If you are using the gold cost, write that $1,984 is already above the year's $1,700 to $1,850 guide. Stop calling the position a pure silver value. Best value is not the lowest segment number. It is the number that survives after the credit is named.
First Majestic: the ounce in the cost is an equivalent ounce
First Majestic Silver is Canadian-listed. The producing mines in the second-quarter report are in Mexico: Los Gatos, San Dimas, Santa Elena, and La Encantada. Los Gatos is a 70 percent interest. The ounce counts below are attributable, so the other 30 percent of Los Gatos is not in them. In that quarter the company produced 3,799,823 ounces of silver and 34,660 ounces of gold on that basis. Ore processed was 1,040,314 tonnes. Cash cost was $18.06 per silver-equivalent ounce. All-in sustaining cost was $25.68 per silver-equivalent ounce. Both were below the company's guidance. The average realized silver price was $63.98 an ounce. The company defines its all-in sustaining margin as the silver-equivalent realized price minus that cost. The margin was $40.27 per equivalent ounce. Add the cost back and the implied equivalent realized price is about $65.95. That is the quarter. It is not Wednesday.
The unit is the trap. The $25.68 is not a cost per silver ounce. It is a cost per silver-equivalent ounce. Silver plus gold, translated. If you subtract $25.68 from the $55.55 settle, you get about $29.87, and you have mixed a silver price with an equivalent-ounce cost. The company's own silver price in the quarter was $63.98, not $55.55, and the margin it published was on the equivalent ounce, not on that homemade subtraction. A 6.10 percent drop in the silver futures price does not move the gold portion of the equivalent ounce by 6.10 percent. Gold fell 1.64 percent the same day. The blend fell by less than silver, or by more, depending on the ratio the company uses. You do not get to skip the ratio.
What you can say is narrower. The quarter was earned at a realized silver price of $63.98. The settle is $8.43 below that, about 13 percent lower, before you touch the equivalent math. A margin of $40.27 per equivalent ounce was a high-price margin. It will not reprint itself if the realized equivalent price falls by a similar proportion and the cost does not. The cost was already up from a year earlier: cash cost 20 percent, all-in sustaining cost 22 percent, on a per-equivalent-ounce basis. Higher prices hid part of that rise inside a wider margin. A lower price will not hide it. The mines are also not in Canada. The listing is the Canadian fact. The ore is Mexican. Labour, permits, and power are Mexican facts. A U.S. inflation print does not settle them.
The question for a value screen is whether you are willing to rebuild the equivalent ounce at Wednesday's prices before you call the stock cheap. If you will not rebuild it, you do not have a silver value. You have last quarter's margin and a new headline. Those are not the same number.
Endeavour: a silver ounce, after the credits
Endeavour Silver reports the unit a silver buyer actually asked for, and then nets the credits. In the second quarter of 2026 the company produced 1,943,955 ounces of silver and 10,474 ounces of gold, which it stated as 3.4 million silver-equivalent ounces. Cash cost was $23.52 per payable silver ounce. All-in sustaining cost was $36.89 per ounce. Both are net of by-product credits. A year earlier those figures were $15.35 and $25.16. The cash cost rose 53 percent. The sustaining cost rose 47 percent. The company said the increase was higher cash costs and higher sustaining capital, particularly at Terronera, which was not operating in the year-earlier quarter. In that late-July report it also said an LNG plant at Terronera had begun commissioning in June and was then in operation, and that ramp-up would run through the third quarter. That is a plan stated at the end of July. It is not a later report that the ramp finished.
Against the $55.55 settle, $36.89 leaves a gap of about $18.66 a silver ounce. That is the cleanest subtraction in this piece, and it is still not a profit. By-product credits, mostly gold, are already inside the $36.89. If the gold price falls, the credit shrinks and the silver cost rises without the mine getting worse. Gold did fall on Wednesday, by less than silver. A cost that depends on a gold credit is a silver cost only for as long as the credit holds. The company also produced lead and zinc. Those credits sit in the same netting. A silver price forecast that ignores them will look precise and will be early.
The quarter was not earned at $55.55. It was earned at whatever silver and gold the company realized then, and this piece will not invent that realized silver price. What is known is the direction of the cost. It stepped up because a new mine was being carried inside the sustaining figure. Terronera is the operating fact, not the CPI. The July report said the ramp would run through the third quarter. Watch whether that happened, and whether the $36.89 stops rising. Do not treat the July sentence as a finished ramp. A gap of about $19 to the settle can fund a miss. It does not fund an endless rise in the cost. At the 2025 futures low near $46.56, the same reported cost would leave a gap of about $10. Still open. Much thinner. The value people see at $55 is partly the memory of $64 and $74 silver. Memory is not a margin.
The question is whether the credit and the ramp are in your number. If the card says only "$36.89 versus $55," add two words: net of credits, and Terronera. Without those words the gap is a slogan.
Aya: a record ounce is not a value
Aya Gold and Silver gave the market a production note on the same day silver fell. For the third quarter of 2026 the company reported record consolidated production of 2.03 million silver-equivalent ounces. At Zgounder, in Morocco, silver produced was 1,497,749 ounces. That was 8,223 ounces more than 1,489,526 in the second quarter, about half a percent, not a new mine. Mill throughput was 4,096 tonnes a day. Recovery was 92.0 percent. Grade processed was 146 grams a tonne. The Boumadine pyrite reclaim added 244,875 ounces of silver and 4,300 ounces of gold, counted as 536,879 silver-equivalent ounces. A year-on-year and quarter-on-quarter rise in the consolidated equivalent figure is an operating fact. It is not a cost.
The production note used here does not state an all-in sustaining cost. No gap to $55.55 can be drawn from it without borrowing a cost from a different quarter or a different author. That is the point of putting Aya on the page. A record ounce count on a down day in the metal feels like value because the company just proved it can produce. Production answers "did the mill run." Value answers "what was left after the cost at the new price." The second answer was not in the note. Silver stocks to watch can include a name whose mill just set a record. They cannot rank that name against Pan American's $17.80 or Endeavour's $36.89 until the units exist. Borrowing a cost to fill the hole is how a value list gets built on a deadline.
Zgounder is in Morocco, not in Canada. The reclaim operation is a second asset with gold in the equivalent ounce. The 2.03 million figure is not 2.03 million ounces of silver. Zgounder's own silver was about 1.50 million. The rest of the consolidated number is a translation that includes Boumadine gold. Treat the headline ounce as silver and you have added metal the mill did not pour as silver. A share price is not a value. It is the crowd's last trade. This piece will not tell you whether that trade was cheap.
The question is the missing cost. Until the company prints a third-quarter cost in the same unit you want to use, Aya is a production story sitting next to a silver price. It is not yet a value. Calling it the best of the list because the ounces rose on the day the metal fell is a confusion of calendars. The ounces were the quarter's work. The price was the afternoon's work. They met in a headline. They did not meet in a margin.
Wheaton: half a silver business, and an $80 assumption
Wheaton Precious Metals does not dig. It owns streams and royalties. In the second quarter of 2026 it produced about 202,200 gold-equivalent ounces. The table shows 202,229. Gold ounces produced were 90,434. Silver in the table prints as 6,400, and that line is thousands of ounces, so about 6.4 million. Revenue was $929 million. Net earnings were $543 million. Operating cash flow was $650 million. For the first half, revenue was about 48.6 percent gold and 49.5 percent silver. A gold-only reading of Wednesday misses half the book. A silver-only reading misses the other half.
Realized silver prices on major streams in the quarter were about $73 an ounce. Penasquito's realized silver price in the table was $72.99. The futures settle of $55.55 is about $17.40 below that, or roughly 24 percent lower. The next quarter's silver revenue per ounce will not match this one if the new price holds. The streams still deliver metal. They deliver it into a cheaper sale. Cash costs on the silver streams are not one number. They are contract prices, often a few dollars to the mid-teens an ounce in the same tables, not an all-in sustaining cost of a mine. Comparing those contract prices to Endeavour's $36.89 is a category error. You do not own the shovel. You own a slice at a written price, and you own the volume the operator chooses to deliver.
The equivalent-ounce math is the second trap, and it is printed. Gold-equivalent ounces use planning prices of $4,800 gold and $80 silver, consistent with 2026 guidance. Eighty-dollar silver is not $55.55 silver. A reader who treats 202,200 equivalent ounces as 202,200 ounces of gold, or as a pile of silver, has counted a formula. The formula was built for guidance. Wednesday's market did not agree to it. In April 2026 the company's share of silver at Antamina rose from 33.75 percent to 67.5 percent under a deal with BHP, effective April 1. That is more silver from someone else's mine. It is not a cost structure Wheaton controls.
The question is whether the silver you wanted is the silver on the page. If you wanted a miner, this is the wrong name. If you wanted silver price exposure with less operating risk, you still have delivery risk, a gold book of similar size, and a planning price $24 above the settle. The drop did not make that spread into a bargain. It made the planning price more obviously a planning price.
Put the units on one page, then stop ranking
Line the costs up only to show that they are not one column. Then stop. A ranking would pretend the column exists.
Pan American's silver-segment cost of $17.80 against $55.55 is a gap of about $37.75, after credits. Cerro Moro printed negative $58.37. Juanicipio's 44 percent interest printed negative $6.14, and Fresnillo operates that mine. La Colorada printed $48.63, a gap of about $6.90, with the increase tied mainly to a concession royalty. Huaron printed $36.25. San Vicente printed $38.85. The gold segment printed $1,984, above a full-year guide of $1,700 to $1,850. All of those are second-quarter figures. None is a forecast of the third.
First Majestic's $25.68 is per silver-equivalent ounce, on attributable ounces, with Los Gatos counted at 70 percent. The quarter's realized silver price was $63.98 and the equivalent margin was $40.27. The settle of $55.55 is below that realized silver price by $8.43. It is not a number you may subtract from $25.68 and call a silver margin. Do the equivalent math again or do not do it.
Endeavour's $36.89 is per silver ounce, net of credits. The gap to $55.55 is about $18.66. The year-earlier cost was $25.16. The ramp at Terronera is inside the increase, as a July statement, not as a finished job. Credits are inside the level. A thinner gap than Pan American's segment gap is not a worse company. It is a more honest unit. Honest is not the same as cheap.
Aya's third-quarter Zgounder silver production was 1,497,749 ounces, about half a percent above the prior quarter, inside a consolidated 2.03 million silver-equivalent ounces. No sustaining cost sits beside those ounces in the note used here. The gap is blank. A blank is not a zero, and it is not an invitation to borrow one.
Wheaton's silver realization near $73 in the quarter, against a settle of $55.55, is a price gap of about $17 on ounces it does not mine. Its planning silver price is $80. The cost gap a miner would publish is not the object. The object is a contract.
Sort those five by the size of a homemade gap and Pan American's segment wins, Aya cannot play, and Wheaton is in the wrong sport. Sort them by "how silver are they" and First Majestic's equivalent ounce and Pan American's gold segment both drop down the page. Sort them by Wednesday's share move and you have learned who was crowded. None of those sorts is a silver price forecast. None of them is the best Canadian silver stock. Best is a word the filings did not use.
Shares can fall while every gap above stays open. The market does not pay a fixed multiple of a second-quarter cushion. It pays a multiple of future cash flow at the silver price it now believes, discounted at a rate that rises when real yields rise. "The cost still clears $55" and "the share is a value" are different sentences. Silver bullion prices near $55 clear these reported costs on the units above, except where the unit was never a silver ounce or the cost was never printed. Clearing a cost is not a buy. It is the absence of one particular failure. Political risk, a ramp, a royalty, a credit that shrinks, and a share already priced for $70 silver can all fail the stock while the cost gap stays open.
What to write down instead of a ranking
A silver investment case that survives this drop is a card, not a list. One line. One unit. One date.
Pan American's card says the segment is not the mine. The number is $17.80 after credits. Under it, write Cerro Moro at negative $58.37, Juanicipio at negative $6.14 on a 44 percent interest operated by Fresnillo, La Colorada at $48.63, Huaron at $36.25, and San Vicente at $38.85. Write the gold-segment cost of $1,984 beside the full-year guide of $1,700 to $1,850, because the quarter is already above that guide. The cash-flow line is attributable free cash flow of $344 million, not an unlabelled company total. The date is the next cost report. Cross the silver story off if you cannot say what happens to $17.80 when the gold credit is smaller.
First Majestic's card says equivalent ounce, and 70 percent. The numbers are $25.68 per equivalent ounce, on 3,799,823 attributable silver ounces, realized silver of $63.98, and a $40.27 equivalent margin. Los Gatos is in that ounce count only at 70 percent. The date is the next realization. Rebuild the equivalent at the new silver price and the new gold price before you compare it with $55.55. If you will not rebuild it, take the name off a silver-value list.
Endeavour's card says per silver ounce, net of credits, with Terronera on the line as a July statement, not a finished ramp. The number is $36.89, up from $25.16 a year earlier. The date is the next cost, and any later word on whether the third-quarter ramp the company described in July actually happened. A gap of about $19 to the settle is room. It is not a reason to ignore a cost that rose by almost half.
Aya's card says ounces without a cost. The number is 1,497,749 ounces of silver at Zgounder, about half a percent above the prior quarter, and 2.03 million silver-equivalent ounces consolidated. The date is the financial report that pairs a cost with those ounces. Until that date, the name is a mill update. It is not a value.
Wheaton's card says formula and mix. The numbers are about 6.4 million silver ounces, a realized price near $73, a planning price of $80, and a first half split almost evenly between gold and silver. The date is the next delivery report, read in ounces, not in equivalents. If you wanted a mine, this card is the wrong drawer.
None of the cards says buy. A drop of 6.10 percent is a reason to check the unit. It is not a reason to assume the cheapest-looking unit is the value. The macro card sits beside them and is not a sixth stock. Inflation and the hike odds moved the wrong way for a metal with no yield. Industrial demand did not get a vote in the hour of the print. The next vote that matters for the price is the Federal Reserve meeting on October 27 and 28, and the inflation prints after that. A hike, or a pause that still points at a hike, keeps the pressure on the bar. It still does not rank the five names. The names fail or hold on their units, their ramps, and their credits.
What would make this reading wrong
The reading is wrong if the settle was not $55.550, or if the 6.10 percent figure is revised. Use the exchange number. The headline's 4 percent is already the loose figure. Do not defend it. A spot price and a futures settle can differ by a dollar on the same afternoon. Say which one you mean. This piece means the Comex settlement.
The reading is wrong if a cost here is mis-copied or later restated. Pan American, First Majestic, Endeavour, and Wheaton figures are from their own 2026 reports. Aya's ounces are from its October 14, 2026 production note. If a later filing changes a cost or an ounce count, the gaps move. Cerro Moro's negative $58.37 and Juanicipio's negative $6.14 are accounting results. A change in by-product prices can lift either of them through zero without a change in the mining method. Update the card. Do not treat a negative as a law.
The reading is wrong if silver's industrial bid suddenly dominates the rates bid, and the metal rises for a reason this piece set aside. That can happen. A supply shock, a solar rush, or a short squeeze can lift the price while the Fed is still hawkish. Then the value gaps widen for a reason that is not the inflation print. Notice the reason. Do not pretend the 6 percent drop was the whole story of the year. The year already included a fall from $115. The day was one hard step, not the origin.
The reading is also wrong if you came for a portfolio. Five units are not a weight and not a hedge. They do not say whether you should hold a bar instead of a share. A bar has no by-product credit and no ramp. It also has no business that can produce more ounces next quarter. Choosing between them is a preference this article will not make. Silver price volatility will offer another down day. The cards should still be readable when it does. If a card's only line is "it fell 4 percent, so it is cheap," throw the card out. The 4 percent was not even the print.
The idea, once
Silver did not drop 4 percent on October 14, 2026. Comex silver settled at $55.550, down 6.10 percent, after a hot inflation report pushed Federal Reserve hike odds higher. The metal was already about 52 percent under its January high of $115.08. That tape does not identify the best Canadian silver stock. Pan American's $17.80 silver-segment cost is after credits. Cerro Moro printed negative $58.37 and Juanicipio's 44 percent interest, operated by Fresnillo, printed negative $6.14. La Colorada printed $48.63. The gold segment printed $1,984, above a full-year guide of $1,700 to $1,850. First Majestic's $25.68 is per silver-equivalent ounce on attributable production, Los Gatos at 70 percent, and its realized silver price in the quarter was $63.98. Endeavour's $36.89 is per silver ounce after credits, up from $25.16, with a July comment that Terronera's ramp would run through the third quarter, not a report that it finished. The gap to the settle is about $19. Aya reported a record 2.03 million silver-equivalent ounces, including 1.50 million silver ounces at Zgounder, up about half a percent from the prior quarter, and did not pair them with a cost in that note. Wheaton realized about $73 silver in the quarter, plans equivalents at $80, and took nearly half its first-half revenue from silver without running a mine. Best value is a match between the price and the unit. The drop changed the price. It did not create the match. A list that starts with 4 percent and ends with a winner has failed twice.
A note on sources and limits
The Comex silver settle of $55.550, down $3.611 or 6.10 percent, the January 26 high of $115.08, the year-to-date decline, the three-session decline, and the comparison with November 26, 2025, are from Dow Jones market data carried on October 14, 2026. The spot description near a 5.5 percent drop and the yearly low near $54.77 are from a same-day market note and can differ from the futures settle. The gold settle of $4,084.80, down 1.64 percent, is from the same session's futures report. Inflation figures are from same-day accounts of the September consumer price index. Federal Reserve probabilities differed by screen and are reported as ranges, not as a single official odds number. Pan American's production, segment costs, Juanicipio's 44 percent interest and negative $6.14 cost, Cerro Moro's negative $58.37, La Colorada, Huaron, San Vicente, attributable free cash flow of $344 million, and the gold-segment guide of $1,700 to $1,850 are from its second-quarter 2026 management discussion and analysis. Fresnillo's role as operator is from the company's description of the mine. First Majestic's attributable production, the 70 percent Los Gatos interest, equivalent-ounce costs, realized silver price, and margin definition are from its second-quarter 2026 results. Endeavour's production, cash cost, all-in sustaining cost, and the late-July Terronera comment are from its second-quarter 2026 results. Aya's third-quarter production figures, including the half-percent change in Zgounder silver ounces, are from its October 14, 2026 production release, which does not state a sustaining cost. Wheaton's production, revenue, earnings, cash flow, realized silver prices, planning prices of $4,800 gold and $80 silver, the first-half revenue split, and the Antamina share change are from its second-quarter 2026 report. All-in sustaining cost, cash cost, free cash flow, silver-equivalent ounces, and gold-equivalent ounces are company-defined and are not standardized GAAP. By-product credits can make a cost look lower than the cash spent to mine, and can make it negative. Guidance is a plan. Nothing in this article is an offer to sell or a solicitation to buy any security, nor advice to buy, sell, or hold silver or any share. It is not tailored to any reader. Mining, streaming, and bullion positions can lose money. Do your own work.