Silver miner short interest has climbed to a recent high, with the sub-industry carrying roughly $2.35 billion to $2.4 billion of shares sold short while spot silver and miner equities swing sharply off late-January peaks.

Spot silver is up 150% over the past year and up 17% year-to-date in 2026, but is down 31% from its January 2026 peak. The Global X Silver Miners ETF is up 180% over the past year and up 23% year-to-date, while sitting down nearly 10% from its January peak as well.

Short sellers added $694 million of new short selling during 2025’s rally, then reversed course with $192 million of short covering so far in 2026. The move is framed as a $248 million increase in silver miner short interest, driven by a $440 million rise in the mark-to-market value of shares shorted, partly offset by the $192 million covering.

The largest single short interest positions are Hecla Mining at $662.0 million, First Majestic Silver at $480.0 million, Silvercorp Metals at $234.0 million, Endeavour Silver at $193.0 million, and Discovery Silver at $162.0 million.

By float percentage, the most crowded name in the list is Andean Precious Metals at 13.59% on $56.0 million short interest, followed by Silvercorp Metals at 9.42%, and Aya Gold & Silver at 6.62% on $162.0 million.

Earlier this month, CME Group raised margin requirements for precious metals futures for the third time in less than two weeks, hiking silver futures margins to 18% from 15%.

The volatility has been extreme: gold peaked above $5,600 per ounce in January before dropping more than 12% on Jan. 30, while silver hit $121 per ounce before falling more than 30% in the same window. On the bull case, Citigroup lifted its near-term silver target to $150 per ounce from $100, after silver surged nearly 40% in January and hit a record $117.71, while Bank of America framed $135 to $309 as a possible 2026 top range.

The physical side is also signaling strain. APMEX imposed a $10,000 minimum order, added four business days to shipping-date buffers, narrowed focus to 31 core silver products with 21 in stock, and increased sales and customer-service headcount by 25% to manage demand and service pressure.

Silver Short Interest Hits Highs As Miners Turn Volatile