Roth Capital Raises Avino Silver & Gold Price Target to $8, Keeps Neutral

Roth Capital raised its price target on Avino Silver & Gold Mines Ltd. (NYSE:ASM) to $8 from $7.50 on May 15, 2026, while maintaining a Neutral rating on the shares.

The firm noted that the company's first-quarter results beat expectations, with gold and silver prices having rebounded somewhat. Avino reported Q1 revenue of $39.4 million, up 109% year over year and 29% sequentially. Net income reached $15.9 million, or $0.09 per diluted share, while EBITDA came in at $25.5 million and adjusted earnings at $24.3 million. Operating cash before working capital was $18.7 million.

For precious metals traders, the positive earnings and price target revision highlight the potential for silver and gold miners to benefit from elevated metal prices. Avino's strong operational performance underscores the leverage miners have to rising gold and silver prices. This leverage is amplified by the broader macro backdrop: central banks have been net buyers of gold since 2022, diversifying reserves away from the US dollar, which supports a structural floor under prices. Additionally, real US 10-year yields—a key driver of gold's opportunity cost—have remained elevated but are showing signs of peaking, historically correlating with gold price rallies. The COMEX-LBMA spread has also narrowed, indicating tighter physical market conditions, while ETF flows into GLD and IAU have picked up modestly as investors seek portfolio hedges. Traders can track real-time gold and silver quotes on NowPrice to gauge market sentiment and potential impacts on mining stocks.

Looking ahead, investors will watch for sustained strength in gold and silver prices, as well as the company's ability to maintain production growth. The next catalyst could be Q2 results, which will provide further insight into the trajectory of earnings and operational efficiency. Key macro factors to monitor include the DXY inverse correlation—a weaker dollar typically boosts gold—and shifts in jewelry versus investment demand, as Indian and Chinese buying patterns often set seasonal price floors. Any divergence in COMEX-LBMA premiums could signal supply tightness, while continued central bank purchases would reinforce the bullish narrative for miners like Avino.