Spot silver has retreated to just under $65 an ounce, down from a multi-year peak above $120 in January. Jewelry maker Pandora is responding by locking in hedges near current prices and pushing ahead with a shift toward platinum-plated pieces, even as the company posts a quarterly profit beat.
Spot silver was trading at just under $65 an ounce on Thursday. That marks a sharp retreat from a multi-year peak of more than $120 an ounce in January. The metal was still trading at around $80 an ounce in February, when Danish jeweler Pandora first announced it would move some sterling-silver pieces to platinum-plated alternatives.
Pandora Sticks With Its Platinum Push
CEO Berta de Pablos-Barbier told CNBC's "Squawk Box Europe" on Thursday that the company is continuing the shift despite the price drop. According to CNBC: "We are diversifying our portfolio of materials", she said, adding that the move is meant to give Pandora more flexible, diverse materials to offer consumers. The company is seeking to permanently reduce its exposure to volatile precious-metal prices through hedging.
Pandora has also hedged 90% to 100% of its 2027 silver needs at around $65 an ounce, locking in costs near the metal's current level. That hedge follows a stretch in which Pandora stock rebounded 55% over the past three months, after a weak 2025 that Citi analysts attributed to the decline in silver prices.
Quarterly Profit Beats, Guidance Rises
Pandora shares were up 4% in morning trading in Copenhagen after the company posted better-than-expected second-quarter profit, helped by a one-off U.S. tariff refund. Operating profit came in at 1.46 billion Danish crowns ($226 million), a margin of 20.3%.
The company hiked its full-year 2026 organic growth guidance to between 0% and 3%, up from a prior range of negative 1% to 2%. It also raised its profit-margin guidance to between 22% and 23% for the year, from 21% to 22% previously. Organic growth in the quarter came in at 3%, while like-for-like growth rose 1%, excluding contributions from newly opened or closed stores.
Source: US Top News and Analysis
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