Why Shares of These Silver Miners Opened More Than 30% Higher Today
Shares of Coeur Mining (NYSE: CDE) were up an incredible 39% at the open of trading on Monday. Not far behind was Endeavour Silver (NYSE: EXK) with a 36% advance. And First Majestic Silver (NYSE: AG) and Silvercorp Metals (NYSEMKT: SVM) both had roughly 32% jumps. Over the weekend, the message-board-driven short squeeze in silver got a big boost, and it rolled into the early market today.
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That said, by 10:30 a.m. EST, these four silver miner stocks had pulled back a touch from their highs. Coeur was up a still impressive 25%, Endeavour was higher by 20%, First Majestic sat at a gain of 22%, and Silvercorp lagged in the rear with a 17% advance. These are not normal times, and these stock moves should be troubling to any investor looking at precious metals as a long-term diversifying asset.
Source Fool.com
