USAS - Why These Precious Metals Stocks Rocketed at the Open
Shares of McEwen Mining (NYSE: MUX) rose 29% at the start of trading on Monday. Fortuna Silver Mines (NYSE: FSM) rose nearly as much, with a 27% advance. Great Panther Mining (NYSEMKT: GPL) rose almost 23%. And these were just a few of the precious metals miners seeing huge gains. SilverCrest Metals (TSX: SIL) , Alexco Resource (NYSEMKT: AXU) , and Americas Gold and Silver (NYSEMKT: USAS) were up 26%, 21%, and 16%, respectively.
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But those gains didn't last long. By roughly 11:30 a.m. EST today, McEwen's advance had been pared to 19%, while Great Panther and Fortuna had increases in the low teens. SilverCrest, Alexco, and Americas Gold and Silver were up "just" 6%, 9%, and 6%, respectively. All of this can be traced back to the Reddit board behind the short squeezes in stocks like GameStop and movie theater operator AMC Entertainment Holdings .
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Why These Precious Metals Stocks Rocketed at the Open