Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Silver prices have rallied 20% YTD to $35.60/oz, supported by strong industrial demand and a persistent market deficit.</li>
<li>Despite being a small market compared to gold and copper, silver offers niche exposure through major producers like Hindustan Zinc, Fresnillo, and Pan American.</li>
<li>Structural undersupply, driven by green tech and limited new mine capacity, positions silver as a high-beta hedge and a strategic long-term play.</li>
</ul>


Silver prices have rallied 20% YTD to $35.60/oz, supported by strong industrial demand and a persistent market deficit.
Despite being a small market compared to gold and copper, silver offers niche exposure through major producers like Hindustan Zinc, Fresnillo, and Pan American.
Structural undersupply, driven by green tech and limited new mine capacity, positions silver as a high-beta hedge and a strategic long-term play.


Silver Market Snapshot: Rising Prices, Industrial Tailwinds, and Strategic Exposure

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap and mid-cap (and the bottom end of large cap) gold and silver mining companies listed around the world.</li>
<li>We expect 30+ index changes (ADDs and DELs) in the September 2026 rebal, with BIG names on both sides. The one-way flow is around US$2.1bn, nearly 21% turnover.</li>
<li>The top-five fixed weights cap mainly drives the one-way flows. We expect two LOW-conviction ADDs to shake up this list, but volatile gold stocks could shift rankings. </li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap and mid-cap (and the bottom end of large cap) gold and silver mining companies listed around the world.
We expect 30+ index changes (ADDs and DELs) in the September 2026 rebal, with BIG names on both sides. The one-way flow is around US$2.1bn, nearly 21% turnover.
The top-five fixed weights cap mainly drives the one-way flows. We expect two LOW-conviction ADDs to shake up this list, but volatile gold stocks could shift rankings. 


[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: BIG Changes Likely; Top Five Names Drive Flows

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Silver hits 11-year high amidst supply-demand dynamics and geo-political uncertainty.</li>
<li>Rising industrial demand, particularly in green tech, and tightening supply forecast a sustained rally.</li>
<li>Global deficit remains substantial, forecasted to continue, while mine production declines.</li>
</ul>


Silver hits 11-year high amidst supply-demand dynamics and geo-political uncertainty.
Rising industrial demand, particularly in green tech, and tightening supply forecast a sustained rally.
Global deficit remains substantial, forecasted to continue, while mine production declines.


Silver's Record-Breaking Rally: Insights and Analysis

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world. </li>
<li>This index regularly sees double-digit changes at its semi-annual reviews, and September 2026 is shaping up that way; we expect 20+ index changes (ADDs/DELs).</li>
<li>The top 5 fixed-weight capping in this index creates interesting UP/DOWN weights, and the race for the top 5 is tight. BIG Day Counts to trade here.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world. 
This index regularly sees double-digit changes at its semi-annual reviews, and September 2026 is shaping up that way; we expect 20+ index changes (ADDs/DELs).
The top 5 fixed-weight capping in this index creates interesting UP/DOWN weights, and the race for the top 5 is tight. BIG Day Counts to trade here.


[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: Changes Galore; US1.7bn+ One-Way

<ul>
<li>The MV Global Junior Gold Miners index represents the performance of small/medium-cap gold and silver mining companies listed around the world.</li>
<li>There will be 27 ADDs and 3 DELs for the March 2026 rebal. We had predicted 12 ADDs (10 were right) and 1 DEL (it was right). A HUGE tail.</li>
<li>We expect a one-way flow of US$1.98bn for the March 2026 rebal on 20 March 2026 at the close. </li>
</ul>


The MV Global Junior Gold Miners index represents the performance of small/medium-cap gold and silver mining companies listed around the world.
There will be 27 ADDs and 3 DELs for the March 2026 rebal. We had predicted 12 ADDs (10 were right) and 1 DEL (it was right). A HUGE tail.
We expect a one-way flow of US$1.98bn for the March 2026 rebal on 20 March 2026 at the close. 


[Quiddity Index] MV Junior Gold Miners Mar26 Results: 27 ADDs and 3 DELs; US$2bn One-Way

Mexico

Industrias Penoles, S.A.B. de C.V. is a mining group with integrated operations in smelting and refining non-ferrous metals, and producing chemicals. The Company produces refined silver, metallic bismuth, sodium sulfate, gold, lead, and zinc.

Industrias Penoles, S.A.B. De C.V. (PE&OLES* MM EQUITY)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Industrias Penoles, S.A.B. De C.V. (PE&OLES* MM EQUITY)

Silver Market Snapshot: Rising Prices, Industrial Tailwinds, and Strategic Exposure

Silver prices have surged due to industrial demand and market deficit, making it a niche investment opportunity with potential for long-term growth.

Rahul Jain

[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: BIG Changes Likely; Top Five Names Drive Flows

As of the MV Global Junior Gold Miners data cutoff, we saw one High/Med Conviction name leave (Intl Tower Hill Mines) and two more High/Med names...

Travis Lundy

Silver's Record-Breaking Rally: Insights and Analysis

Silver, soaring to an 11-year high, rides a wave of global demand fueled by supply deficits, geopolitical tensions, and surging industrial usage.

Sudarshan Bhandari

[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: Changes Galore; US1.7bn+ One-Way

The MV Junior Gold Miners Index rebal is a fave. Turnover is high on index construction; there are multiple ways to win. There are some BIG...

Travis Lundy

[Quiddity Index] MV Junior Gold Miners Mar26 Results: 27 ADDs and 3 DELs; US$2bn One-Way

The bottom end of the MV Junior Gold Index has now admitted far more names than we expected. That meant two more get kicked out of the top end....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silver Market Snapshot: Rising Prices, Industrial Tailwinds, and Strategic Exposure

​Silver prices have surged due to industrial demand and market deficit, making it a niche investment opportunity with potential for long-term growth.

Rahul Jain

[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: BIG Changes Likely; Top Five Names Drive Flows

As of the MV Global Junior Gold Miners data cutoff, we saw one High/Med Conviction name leave (Intl Tower Hill Mines) and two more High/Med names...

Travis Lundy

Silver's Record-Breaking Rally: Insights and Analysis

Silver, soaring to an 11-year high, rides a wave of global demand fueled by supply deficits, geopolitical tensions, and surging industrial usage.

Sudarshan Bhandari

[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: Changes Galore; US1.7bn+ One-Way

The MV Junior Gold Miners Index rebal is a fave. Turnover is high on index construction; there are multiple ways to win. There are some BIG...

Travis Lundy

[Quiddity Index] MV Junior Gold Miners Mar26 Results: 27 ADDs and 3 DELs; US$2bn One-Way

The bottom end of the MV Junior Gold Index has now admitted far more names than we expected. That meant two more get kicked out of the top end....

Travis Lundy

Silver prices have surged due to industrial demand and market deficit, making it a niche investment opportunity with potential for long-term growth.