MAG - Should Silver Stocks Be On Your Watch List Right Now?
These Silver Stocks Are Trending In The Market
There are plenty of reasons that silver stocks are trending in the market at the moment. Last year, silver stocks received an unexpected boost after the pandemic started. The continuing pandemic is the primary thing that is keeping silver stocks at their current price point. Currently this has no end in sight with cases still being very high at the moment.
This is hurting the economy in many ways and directly affects silver stocks. Silver stock will also move based on demand for the metal. As things have begun to open up a lot more, silver stocks have been performing better due to increased industrial demand. So what things are impacting silver stocks at the moment?
Recently a report came out from the U.S. Labor Department about the most recent unemployment numbers. While the numbers did slightly fall, it still showed that the demand for unemployment is huge. This allowed gold and silver to keep their key price points at the moment. Silver is at about $27 per ounce. A couple of weeks ago, silver stocks also received a boost after mainstream media reported that Reddit traders were boosting the metal upwards in price.
While many on Reddit denied this, it still caused a significant price bump in silver for about a day as high as $30 per ounce at one point. Silver has held a little bit of this momentum, being a few dollars above the $25 per ounce it was at on one point. Some think that there is not an opportunity to invest in silver stocks at the moment, but this is completely false. There are plenty of silver stocks to watch in the market in 2021 . Let’s have a look at four silver stocks that have been trending.
Top Silver Stocks To Watch
- MAG Silver Corp. ( NYSE: MAG )
- Endeavour Silver Corp. ( NYSE: EXK )
- First Majestic Silver Corp. ( NYSE: AG )
- Fortuna Silver Mines Inc. ( NYSE: FSM )
MAG Silver Corp.
First up on this list of silver stocks is MAG Silver Corp. MAG Silver Corp is a mining corporation that acquires land, explores, and develops mineral properties. Its main goals are finding silver, gold, lead, and zinc deposits. MAG is actively holding a 44% binterest in the Juanicipio project in Mexico. This project is a 56% / 44% joint venture with Fresnillo plc. Let’s look at how this company is performing in 2021 so far.
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Back in January, MAG reported its fourth quarter production from its Juianicipio mine. It stated production numbers of 230,000 ounces of silver and 443 ounces of gold. The President and CEO of the company, George Paspalas said, “We’ve now successfully milled close to 73,000 tonnes of development material at the Fresnillo plant since early August of 2020 generating cash-flow to help offset capex and gaining valuable metallurgical understanding at the same time.”
Endeavour Silver Corp.
Next up on this list of silver stocks is Endeavour Silver Corp. Endeavour is a mining company that focuses on acquisition, exploration, and development in regards to finding silver. The company will also extract, process, and refine the silver metal too. This is accomplished at two mines owned by the company that are located in Chile and Mexico. So how is this silver stock performing in 2021 so far?
On February 3 rd the company announced updates for its 2020 mineral reserve and resource estimates. Its proven and probable silver increased 11% while its gold decreased 1%. The CEO of the company, Bradford Cooke stated, “At Bolanitos and El Compas, reserves and resources declined somewhat, however we continued to make new discoveries in each district. Bolanitos benefited from the delineation of the Melladito discovery and El Compas benefited from the discovery of new silver-gold-lead-zinc resources on the Calicanto property near the plant.”
First Majestic Silver Corp.
Now let’s talk about First Majestic Silver Corp. First Majestic acquires, explores for, develops, and produces product at mineral properties. Its main product that it searches for is silver deposits. It owns various mines like the La Encantada mines, San Dimas, and Santa Elena in Canada and Mexico. So let’s take a dive into its 2021 performance so far.
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Since the Reddit info boosted up its stock price a bit, AG stock price fell back down. But with that, AG stock kept about $2 in gains. The company has not yet released any financial results for 2021 yet. But it can be expected that when they do, it may potentially shift its stock price up or down. For now, AG stock is a silver stock to watch.
Fortuna Silver Mines Inc.
Last but not least on this list is Fortuna Silver Mines Inc. Fortuna Silver Mines is a mining corporation that explores, extracts, and processes different precious metals. Actively, the company searches for silver, gold, zinc, and lead deposits. Its main property is the Cayloma mine and San Jose mines. It additionally runs the Lindero Gold Project. What has the company’s 2021 performance looked like now that we’ve reached February?
Its latest significant update comes from January 19 th , 2021. The company reported its 2020 full year production, as well as its 2021 guidance. In its 2020 production, Fortuna achieved 11.3 million silver equivalent ounces. Its silver production fell year over year, but its gold production rose 10% year over year. Its lead production also went up 3% year over year. Fortuna experienced its ups and downs mostly being impacted by COVID-19 constraints. But it seems like that company has been able to push past these things. Its 2021 consolidated production guidance is a gold production increase of 178 to 202 thousand ounces. That is a 322 to 365 percent increase over 2020.