Silver miners are sitting on a record cash pile: Net cash balance across the top 10 silver mining companies surged to a record ~$4.2 billion in Q2 2026. This figure has more than doubled since Q3 2025. This marks a sharp reversal from the 2014-2024 period, when debt exceeded cash levels for most quarters. To put this into perspective, during the 2010-2011 rally, combined net cash balance among these companies never exceeded $2.0 billion. Cash accumulation has accelerated sharply alongside the silver rally, as higher silver prices have boosted margins and free cash flow across the group. Silver miners have never been this liquid.(The Kobeissi Letter)