Market Report
Learn more about all important trends in the precious metals markets in our market reports on a regular basis.
Impact of the Latest Developments in the Middle East on Precious Metals and Stock Markets
No. 17 | 11th May 2026
Gold and stocks rise on de-escalation talks. On 6 May, news broke of a potential memorandum aimed at a permanent end to the conflict between the US and Iran. It is currently unclear as to whether this agreement would be final or a precedent to further talks once the Strait of Hormuz is open and the US blockade of Iranian ports is lifted. If further talks were part of this negotiation, they would likely revolve around Iran’s nuclear programme.
Endeavour Silver reports silver production growth year-on-year. Endeavour has reported silver production of 1.88 moz in Q1’26, up by 56% year-on-year from 1.21 moz in Q1’25. The increase was primarily driven by the contribution from the newly ramped-up Terronera and Kolpa mines. Endeavour’s AISC increased by 51% year-on-year to $37.03/oz, reflecting higher royalties, mining duties and the inclusion of higher-cost operations, though its AISC declined from $41.19/oz in Q4’25. The company stated it remained well-positioned to achieve its production goals for the remainder of 2026. The great majority of Endeavour’s silver production comes from Mexico, with its largest mine outside of Mexico being Kolpa in Peru.
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