Key Highlights

  • On Tuesday, November 10, 2026, Hecla Mining (NYSE:HL) lost 7.27% and Coeur Mining 7.05%, placing both among the worst performers in the US market.
  • Silver futures slipped 2.79% to about USD 51.23 an ounce, the weakest major metal, and December gold lost about 2.05% to roughly USD 4,030.
  • A hotter-than-expected October CPI report was the catalyst, lifting Treasury yields and the dollar as markets moved to price a December rate hike.
  • Silver regained 1.52% to about USD 52.00 on Wednesday for some relief, but gold drifted toward support near USD 3,970 early Thursday.

Inside the Selloff

The October Inflation figures hit precious metals hard. Headline consumer prices gained 0.4% for the month versus a 0.3% forecast, and core prices gained 0.3% versus 0.2%. The two-year Treasury Yield rose 17 basis points, the 10-year yield reached about 4.98%, and futures fully priced a December Federal Reserve rate hike. Rising real yields raise the Opportunity cost of holding metals that pay no income and generally firm the dollar, which weighs on both gold and silver. Silver, with its monetary and industrial demand, dropped 2.79% to around USD 51.23, more than gold. Mining equities magnified the move, as they usually do, because producers' profits swing faster than metal prices when costs are largely fixed. Hecla Mining (NYSE:HL), the biggest US silver producer, and Coeur Mining each lost over 7%.

The Operating Leverage Effect

Much of the gap comes from operating leverage. If a miner's all-in production cost sits well below the metal price, a small price change produces a far bigger swing in Margin per ounce. With silver above USD 50, historically elevated, investors have already priced in strong cash flows, so any hint that the rally is fading prompts quick repositioning. Silver miners had also drawn momentum buyers during the metal's climb, and such holders tend to sell fast when the trend turns. The wider market was also weak on Tuesday, as the largest AI chipmaker fell for a second day on reports about its chief executive, and risk appetite faded across sectors. For Hecla Mining (NYSE:HL), the drop wiped out part of its recent gains and did not reflect any change in operations, with no company-specific news reported. It runs silver mines in Alaska, Idaho and Canada, and the selloff came from sector positioning rather than an operational problem.

Factors to Monitor

Rate expectations now dominate the outlook for silver miners. A 25 basis point increase by the Fed on December 9, as expected, is largely priced in, but a 50 basis point move or hints of more hikes into 2027 would add pressure. Silver's industrial demand, especially from solar panels and electronics, remains a structural support, and the metal bounced 1.52% to about USD 52.00 on Wednesday. Gold is testing support near USD 3,970, and a break below it could pull silver down again. Canadian investors, who often follow precious metals miners alongside TSX-listed resource names, and holders of Hecla Mining (NYSE:HL) and Coeur should watch the dollar, real yields, US inflation releases and upcoming production updates. Unit costs and All-In Sustaining Cost guidance will show how much margin cushion producers keep if silver weakens further.

Where Things Stand

Hecla Mining (NYSE:HL) lost 7.27% and Coeur Mining 7.05% on November 10, 2026 as silver fell 2.79% to about USD 51.23 after a hot CPI report boosted yields and the dollar. Miners fell harder than the metal because of operating leverage and momentum selling. Silver bounced on Wednesday, but the group's direction now rests on Fed rate expectations, the dollar and whether gold holds support near USD 3,970.