Why Pan American Silver, Fortuna Silver Mines, and Coeur Mining Surged Roughly 10% Today
Shares of Pan American Silver (NASDAQ: PAAS), Fortuna Silver Mines (NYSE: FSM), and Coeur Mining (NYSE: CDE) all rose strongly on a bad day for the markets today, up 9.6%, 10.2%, and 8.6%, respectively.
These miners are each levered to the prices of the metals they mine, and the price of silver was up significantly today, more than 3%. The price of gold, which these companies also mine, was up about 1.7%. The rise in metal prices was likely due to inflation and geopolitical concerns.
In addition, Pan American Silver released its preliminary fourth-quarter production report on Wednesday, and Fortuna released its own report on Tuesday. However, given the synchronous moves across the space, the stock gains likely had to do with the common theme of rising precious metal prices.
Source Fool.com
