FURY - Why Precious Metals Miners Like Silvercorp Metals and McEwen Mining Fell Hard in Early Trading Today
By 11 a.m. EST today, shares of precious metals miner Silvercorp Metals (NYSE: SVM) had fallen as much as 18%. And it was hardly alone. Fortuna Silver Mines (NYSE: FSM) was off by 17% at its worst point in the first 90 minutes of trading. McEwen Mining 's (NYSE: MUX) nadir was roughly 16%.
But that's just three names in what was a broader industry sell-off. For example, at its lows Pan American Silver (NASDAQ: PAAS) was off by 13%. Fury Gold Mines (NYSE: FURY) and Alexco Resource (NYSEMKT: AXU) were both down by as much as 12%. And the decline at Americas Gold and Silver (NYSEMKT: USAS) was just over 10% at its worst. All these precious metals stocks pared their early losses a little bit, but continued to languish near their lows. That, however, comes after a few days of outsize gains. You can thank a Reddit message board for the crazy.
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Why Precious Metals Miners Like Silvercorp Metals and McEwen Mining Fell Hard in Early Trading Today