SVM - Why Hecla Mining Endeavour Silver and Other Precious Metals Stocks Rallied as Much as 38% at the Open Today
Shares of precious metals miner Coeur Mining (NYSE: CDE) rocketed 19% in the first few minutes of trading on Jan. 28. Hecla Mining 's (NYSE: HL) stock did better, up 20%. Shares of Endeavour Silver (NYSE: EXK) and Fortuna Silver Mines (NYSE: FSM) did even better than that, with each rising as much as 25% or so. And at the top of the heap was First Majestic Silver (NYSE: AG) , which was up a huge 38%. Compared with the above gains, Pan American Silver (NASDAQ: PAAS) and Silvercorp Metals (NYSE: SVM) were laggards, up just about 12% each.
All those gains showed up in less than half an hour, which isn't all that shocking lately if you watch the Wall Street headlines. But, perhaps refreshingly, the big price advances among this collection of miners probably had nothing to do with the short squeeze mania swamping the market lately. It was likely much simpler than that.
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Why Hecla Mining, Endeavour Silver, and Other Precious Metals Stocks Rallied as Much as 38% at the Open Today