Silver physical market cracks apart as First Mint demand explodes
Market grappling with a structural supply deficit that shows no signs of abating while AI optics buildout drives insatiable industrial demand.
SIGNAL OF THE DAY
Pulsar Helium hits seven-from-seven on pressurized gas finds while First Majestic reports staggering 15.4 million ounces of silver production for 2025 — an 84% year-over-year increase. Both point to the same cross-sector signal: physical infrastructure beats digital speculation. Market breadth has reached its highest level in years, with over 65% of stocks participating in the broader rally. The rotation from silicon to steel is complete.
COVERAGE PULSE
POET — Strategic collaboration with LITEON Technology to co-develop next-generation optical communication modules for AI and hyperscale data centers. Production timeline: prototypes late 2026, volume production 2027. The margin over volume strategy finally paying off.
UUUU — Working capital exceeds $927M, 1.0 million lbs finished U3O8 produced, new long-term uranium contracts secured. ASM acquisition terms updated March 12 with direct A$0.13 cash payment replacing special dividend. Institutional buying ahead of uranium supply crunch.
AG — All-time high closing price was 32.01 on February 27, 2026 but share price now $20.35 as of March 18 — a decrease of -20.85% from prior week. 2026 guidance signals strategic pivot toward "margin over volume" while remaining peak production cycle aligned with historic price appreciation. First Mint retail demand remains volcanic.
PLSR — CEO Abraham-James: "Seven-from-seven success rate validates strength of geological model. On cusp of defining scale and commercial potential of Topaz resource". Flow and pressure build-up testing commencing late March or early April 2026. The helium shortage thesis crystallizing.
WHAT THE MARKET IS NOT TALKING ABOUT
Solar panel manufacturers facing silver "thrifting" crisis as TOPCon technology actually increases silver loading per cell compared to older PERC technologies. 2026 marks the sixth consecutive year where global silver demand outstrips supply — historically silver treated as byproduct of lead, zinc, copper mining makes primary silver mines increasingly valuable. Industrial end-users paying the price for a decade of underinvestment.
ON THE RADAR - Next 7 Days
March 19-20 — POET demonstrating Blazar and Starlight products at OFC Conference Los Angeles through March 19, accepting Lightwave Elite Score award. Management meetings with tier-1 manufacturers critical for production partnerships.
Late March — Pulsar flow testing begins on Jetstream wells, six-week test programs with laboratory gas analysis expected. Resource estimate update scheduled later 2026.
April 15 — Energy Fuels new CEO Ross Bhappu takes effect. Leadership transition amid substantial uranium production and sales guidance for 2026 boosting revenue and cash flow outlooks. Watch for updated REE commercialization timeline.