The coronavirus pandemic is abruptly altering the trajectory of the United States economy. The latest jobs report shows 6.6 million Americans filed jobless claims last week, bringing the three-week total to 16.8 million. For perspective, there are 18.7 million people officially employed in the entire state of California.
The unprecedented surge in jobless claims reflects the economic uncertainty of the moment. Investors often seek out safe-haven investments during periods of uncertainty, which tend to include precious metals and gold and silver stocks.
Shares of Coeur Mining (NYSE: CDE) jumped 22% today, while many silver producers weren't far behind. Hecla Mining (NYSE: HL) rose 14.3%, First Majestic Silver (NYSE: AG) jumped 12.5%, and Pan American Silver (NASDAQ: PAAS) gained 11.5%. But investors might not be appreciating the unique circumstances of the coronavirus pandemic, which could keep mines in developing nations offline longer than expected.