Washington declined to renew the trade deal covering Mexico, the country that mines a fifth of the world's silver, and the pact now goes to review every year instead of being locked in for another sixteen, without a single ounce moving. Silver trades near $57 today, unable to crack $60 as US airstrikes on Iran run into a fifth day and the Strait of Hormuz stays closed. The metal is down roughly 20% from where it closed 2025, near $71, and it sits about 53% below the all-time high of $121.62 set on January 29, though it remains up roughly half from a year ago. Against gold near $4,030, the gold-silver ratio is about ... (full story)