Silver stocks dropped in morning trading. First Majestic Silver and Endeavour Silver fell 4%; Fortuna Silver Mines fell 2%; Pan American Silver fell 1%.

Silver pulled back from an all-time high, as traders took profits and a key measure of the dollar’s strength steadied. Gold was little changed.

The white metal fell as much as 3.2%, after reaching $58.9789 an ounce in the previous session. Silver had risen for eight straight days through Wednesday — pushing the market into overbought territory — supported by speculative wagers linked to supply tightness and expectations for lower US borrowing costs.

Lower interest rates are a tailwind for non-yielding precious metals. The Bloomberg Dollar Spot Index, a gauge of the US currency’s strength, was flat after touching the lowest since late October. A weaker greenback generally makes it more affordable for most investors to buy metals.

Though silver has whipsawed in recent days, the metal is on a tear. It has roughly doubled in value this year, outperforming a 60% rise in gold, and both are on track for their best annual performances since 1979. A historic silver squeeze in October fueled record flows of the metal into London, which then led to tightness elsewhere. Inventories linked to Shanghai Futures Exchange warehouses recently fell to their lowest in a decade.