Shares of Coeur Mining (NYSE: CDE) clocked their best month so far this year in July, gaining a whopping 56.1% according to data provided by S&P Global Market Intelligence. Soaring precious-metal prices and an upbeat earnings report at the end of July have ensured the stock's continuing rally so far this month.
Coeur Mining is a diversified precious-metals mining company. Until 2010, the company received as much as 69% of its revenue from silver. By 2019, silver's contribution to Coeur's total revenue came down to 27%, with gold overtaking it with a 69% share.
With prices of gold and silver hitting multi-year highs lately, Wall Street lapped up Coeur Mining stock and sent its price shooting through the roof. Fears of the COVID-19 pandemic's impact on global economies and volatility in stock markets are major reasons why investors have flocked to precious metals and bid their price higher. Metals like gold and silver are traditionally considered to be safe-haven assets during times of uncertainty.