CDE - Why Coeur First Majestic Silver and Other Silver Miners Rallied Monday
Shares of precious metals miner Coeur Mining (NYSE: CDE) rose an impressive 16% at one point on Feb. 22. It managed to hold on to most of those gains by the end of the trading day, closing with an advance of roughly 15.5%. Close behind was Hecla Mining (NYSE: HL) with a peak near 15% and a close at roughly 13.5%. First Majestic Silver (NYSE: AG) just got into the teens with a 13% high and ended the day with a gain just shy of that amount. Meanwhile, Fortuna Silver (NYSE: FSM) and Endeavour Silver (NYSE: EXK) both saw price increases of nearly 12%, but ended trading with roughly 11.5% advances.
The only company here with material news was Coeur, which announced it was buying back some debt. That's not particularly earth-shattering or enough to move the entire group. So the big story is just what you would expect: Precious metals prices rallied, with silver up just shy of 4% at its highs. Gold gained as much as 2% or so at its peak. The difference helps explain why this list of silver-heavy miners rose so much.
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Why Coeur, First Majestic Silver, and Other Silver Miners Rallied Monday