Finance
Pandora shares surge after price of silver falls
Published by Global Banking and Finance Review
Posted on February 2, 2026
2 min readLast updated: February 2, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on February 2, 2026
2 min readLast updated: February 2, 2026
Pandora's stock surged over 8% as silver prices fell sharply, benefiting the jewelry maker which uses 67% recycled silver.
COPENHAGEN, Feb 2 (Reuters) - Shares in Danish jewellery maker Pandora rose more than 8% on Monday on the back of a historic slump in silver prices.
A rout in gold and silver intensified on Monday after a collapse in metals prices last week, driven by fears stemming from Kevin Warsh's nomination as the next Federal Reserve chair and a subsequent increase in margin requirements by CME Group.
Some analysts view Warsh as being more hawkish, which would signal that interest rates would stay higher for longer, supporting the dollar and raising the opportunity cost of gold and silver, dimming their appeal.
The collapse in silver prices delivered a boost to Pandora, where recycled silver makes up about 67% of its raw materials, according to the company's 2024 annual report.
Spot silver tumbled 12% on Monday after plunging 27% Friday in its worst day on record. It has shed about 40% since its all-time peak last week.
"The sharp increase in the silver price (prior to recent declines) has been a key concern in the market over the last couple of months as Pandora could be facing a significant margin headwind in 2027," Jyske Bank analyst Janne Vincent Kjaer said in an emailed comment.
"The set-back in silver therefore comes as a relief for investors, despite the silver prices still trading at historical highs," she said.
Pandora has locked in much of its silver costs for 2026, it said in its earnings report for the third quarter.
Its stock sank 50% last year as U.S. tariffs on imports and the surging price of silver added to its costs, while shoppers were more cautious about spending on non-essentials.
New CEO Berta de Pablos-Barbier has said the company would focus on developing new product lines and materials to reduce its commodity exposure.
(Reporting by Stine Jacobsen, additional reporting by Elviira Luoma; Editing by Bernadette Baum)
Market capitalisation is the total market value of a company's outstanding shares, calculated by multiplying the stock price by the total number of shares.
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