Shares of precious metals companies jumped on Monday as the prices of gold and silver rose sharply. Here's how some of the most popular gold and silver stocks were performing as of 3 p.m. ET:

The startling collapse of SVB Financial Group's Silicon Valley Bank and other recent bank failures have sparked fears of an imminent banking crisis. Banking regulators took action to stem a financial contagion by ensuring Silicon Valley Bank's depositors would be made whole. But concerns that the worrisome situation might not be over just yet mounted on Monday as shares of other regional banks plunged.

Investors seeking shelter from this financial storm rotated into gold and silver, which tend to appreciate or at least maintain their value during periods of economic distress. The prices of silver and gold were up more than 6% and 2%, respectively, as of 3 p.m. ET on Monday.

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Source Fool.com