Silver Price Surges 20% in August Amid US Treasury Moves

The silver price surged by about 20% in August to reach $70 per ounce on August 21. This significant increase was driven by the US Treasury's decision to double long-bond buybacks, exceeding several banks' baseline forecasts for the year.

Hecla Mining saw its stock price rise by 47%, while Wheaton Precious Metals gained 44% in August. Coeur, First Majestic, and Fortuna each added 42%, with Global X Silver Miners ETF climbing 35%. Junior-focused ETFMG Prime Junior Silver Miners (SILJ) rose 32%.

UBS is targeting a year-end price of $80 per ounce, while J.P. Morgan's Q4 high is set at $85 per ounce with a downside risk of $50 per ounce. TD Securities combines the highest peak call at $118 per ounce with a lower full-year baseline of $44 per ounce.

Bank of America models a tail-risk scenario reaching $135-$309 per ounce, while BMO's bull case stretches to $160 per ounce. Hecla Mining's significant stock gain is attributed to its decision to nearly double exploration and pre-development spend in early 2026.