SVM - Why First Majestic Silver Hecla Mining and Other Silver Stocks Rallied out of the Gate Today
Shares of First Majestic Silver (NYSE: AG) rose roughly 13% in early trading on Jan. 29. Right there with First Majestic was silver-heavy peer Hecla Mining (NYSE: HL) , which was also higher by 13% or so at its peak. Another name that went along for the ride was Endeavour Silver (NYSE: EXK) , which was higher by roughly 13% at the open as well.
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Although none of these companies held on to those gains for long, there is one thing in common here and it's in the name of two of these three precious metals miners -- silver . In fact, they weren't the only silver names to pop. For example, MAG Silver (NYSEMKT: MAG) , which is developing two silver mining projects, jumped nearly 18% at one point. And Silvercorp Metals (NYSE: SVM) , the biggest silver miner in China, saw a price gain of around 14% at one point in early trading. The more extreme moves for these two stocks isn't shocking, given that their businesses are a bit riskier in nature.
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Why First Majestic Silver, Hecla Mining, and Other Silver Stocks Rallied out of the Gate Today