Foreign stocks: Focus on mining companies

It is normal for trading in foreign stocks to revolve around tech stocks. However, the sharp movements in silver and gold prices have recently put mining companies such as Pan American Silver and Barrick Mining in the spotlight.

February 26, 2026. FRANKFURT (Deutsche Börse). Nvidia has once again not disappointed the market: In the fourth quarter of the fiscal year that ended at the end of January, revenue rose 73 percent year-on-year to US$68 billion, the chipmaker announced yesterday (Wednesday). The forecast for the current quarter also exceeded expectations. The share price (US67066G1040) rose. At 168 euros on Thursday morning, however, the price is still below the all-time high of 183 euros reached in November.

Tech stocks' high-flying days over

In foreign stock trading on the Frankfurt Stock Exchange, Nvidia is once again among the top performers in terms of sales this year. Also included are Microsoft (US5949181045), Alphabet (US02079K3059), Apple (US0378331005), Amazon (US0231351067), and Meta (US30303M1027). Their share prices are also well below their all-time highs.

Meanwhile, South Korean semiconductor manufacturer SK Hynix (US78392B1070), which is also at the top of the top 20 sales list, continues to climb. Its share price has more than tripled over the past twelve months. Other high-revenue semiconductor stocks are also continuing to rise: US memory chip manufacturer Micron Technology (US5951121038), ASML from the Netherlands (NL0010273215) and Taiwan Semiconductor (US8740391003).

Mining companies: Share prices quadrupled in three years

Rather unusual: brisk trading in mining companies, especially Pan American Silver (CA6979001089) and Barrick Mining (CA06849F1080). The background to this is the extreme price movements of gold and silver. The price of silver – still averaging US$40 in 2025 – had risen to almost US$122 at the end of January. This was followed by a sharp drop, with the price standing at US$88 on Thursday morning. The price of gold reached US$5,570 at the end of January and is now US$5,185.

The share prices of gold and silver producers also skyrocketed. It is striking that many share prices did not follow the decline in the price of precious metals. Shares in the Canadian company Pan American Silver are currently trading at €55, just below their all-time high. Over a twelve-month period, the share price of the company, which focuses on silver production, has more than doubled, and over a three-year period, it has almost quadrupled. The situation is similar at Barrick Mining, the world's largest gold mining company. 

“Silver more fragile than gold”

According to observers, the recent volatility, particularly in silver, is mainly due to short-term market effects. Speculators who had bet on even higher metal prices were caught off guard. US bank JP Morgan recently raised its silver price forecast for 2026 and 2027 by 44 and 45 percent, respectively. It now expects an average price of US$81 and US$85.5. “The industrial applications of silver are an important driver of demand,” explains the US bank. However, rising costs could weaken this demand in the long term and lead to greater price fluctuations. Deutsche Bank also sees risks: “Silver appears more fragile than gold, as speculative exaggerations are being reduced and the fundamentals are already tense,” explains the bank.

“Driving forces for gold intact”

On the other hand, there is a lot of confidence regarding the price of gold. “The driving forces for gold – demand for safe havens, strong purchases by central banks and geopolitical tensions – continue to support the long-term outlook,” explains Deutsche Bank. According to Commerzbank, an escalation of the conflict between the US and Iran is likely to have a fundamentally supportive effect on prices. Furthermore, there has been no noticeable progress in the Ukraine peace talks. “Against this backdrop, safe havens are likely to remain in demand and the gold price should remain well supported.”