A stronger-than-expected July reading could weigh on silver, while softer inflation could reinforce expectations for lower rates. Pan American Silver (TSX: PAAS; NYSE: PAAS) and First Majestic Silver (NYSE: AG) have posted strong gains over the past month as investors position for further strength in the metal. “Silver miners appear to be moving ahead of silver itself,” Tavi Costa, macro strategist at Crescat Capital, wrote on X. Its March 31 portfolio disclosure included stakes in several silver-focused explorers and developers, including Silver Bow Mining, Eloro Resources, Alaska Silver and Kuya Silver. Wednesday’s inflation report may determine which side gains control.