Pandora's $65 Hedge Fuels Silver Market Uncertainty

Pandora, the world's largest jewelry maker, has locked in its 2027 silver requirements at around $65 per ounce, providing a rare signal on where the metal's value sits in the eyes of a major buyer.

This decision by Pandora comes as the silver market attempts to steady itself after a sharp sell-off. The metal is still down 2.2 percent on the week but up 15 percent over the past 30 days, with a bounce that masks competing narratives: a tightening physical supply picture pointing higher and near-term macro headwinds pulling prices lower.

The Silver Institute projects a sixth consecutive annual market deficit for 2026, estimating a shortfall of roughly 67 million ounces. Physical investment demand is forecast to climb 20 percent, adding further pressure to an already stretched market.