Silver miners not fully reflecting the stellar silver rally

After bouncing off a $54/Oz ceiling twice, silver eventually broke through on Friday Nov 28, closing at $56.33 on the NYMEX. While silver miners advanced even more over the day, they are not fully reflecting the stellar silver rally.

Stockcharts symbols used are $SILVER for spot silver on the CME and SIL, the Global X Silver Mining ETF for Silver miners. 

We start showing the Silver spot price over the last 12 months leading to Friday's all time high.

Spot Silver Price in USD on the Chicago Metal Exchange

After bouncing off a $54/Oz ceiling twice, silver eventually broke through on Friday Nov 28, closing at $56.33 on the NYMEX.

SIL: Global X Silver Mining ETF in USD

Though the silver mining ETF did reach its maximum mid October when Silver first hit $54/Oz, it did not reach a new all time high last Friday. We need to graph the ratio between the silver mining ETF, SIL, and the silver spot price to see what is really at hand.

SIL to Silver ratio

The SIL to Silver ratio already peaked mid September 2025, when silver rallied from $40 to $45/Oz. As silver eventually rose to its former (1980 and 2009) all time high and eventually made a fresh all time high at $54/Oz, it was really the metal dragging up the lagging miners. The ratio deterorated again, since silver could not hold on to its new all time high. The ratio moved sideways for most of November. We needed the new $56 all time high for the ratio to leave its consolidation level. This is but a subdued sign of optimism. Mining investors don't believe in above $50 silver.

To end the story: a video on a specific late stage explorer-developer

A Kitco Mining video with Paul Harris interviewing John Miniotis of ABRA Silver (main quote on TSX; ABRA.TO)

AbraSilver Resource Corp. (TSX: ABRA; OTCQX: ABBRF) CEO John Miniotis says the Diablillos silver gold project is entering its strongest development window yet as Argentina’s new RGI regime reshapes project economics. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Miniotis says, “RGI has been an absolute game changer for Argentina as a whole, and specifically for our project.” Based on current metal prices, the tax and export duty changes alone represent more than one billion dollars in value uplift. AbraSilver expects EIA approval, RGI approval, and a full feasibility study by the end of Q1 2026. The project is anchored by a 350 million ounce silver equivalent resource, ongoing high-grade drilling, and a balance sheet holding 65 million dollars in cash with no debt. Miniotis says the company will review multiple financing options ahead of a final investment decision targeted for late Q3 2026, with early works construction already funded. Key themes shaping AbraSilver’s next development phase include: • Diablillos’ potential to become one of the world’s largest primary silver mines • Feasibility study delivery targeted for Q1 2026 • Financing paths for a roughly 540 million dollar build • High-grade gold and silver results across multiple zones • Expansion scenarios up to 18,000 tons per day • Catalysts leading to a construction decision next year