Shares of Coeur Mining (NYSE: CDE) shed 12.8% in September, according to data provided by S&P Global Market Intelligence . That's the second steepest drop the stock has suffered this year, after its sharp dip during the March stock market crash. One factor, which essentially drives Coeur Mining's revenue and profits, is to blame for the stock's September drop: silver prices.
Silver has had a stellar 2020, with prices rallying to multi-year highs until September, when it swiftly reversed course. Over the course of the month, silver prices tumbled nearly 19% after hitting a near seven-year high of around $30 per ounce in the month of August.
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1 Big Reason This Silver Stock Tumbled 12.8% in September