Silver Miner ETFs Notch Best Week Since April 2020 As Rate-Cut Bets Boost Precious Metals: 5 Stocks Surge Over 20% This Week
Portfolio Pulse from Piero Cingari
Silver mining stocks and ETFs have experienced their best weekly performance since April 2020, driven by rising gold prices, expectations of a Federal Reserve interest rate cut, and a global silver supply shortage. Notable ETFs like iShares MSCI Global Silver Miners Fund (SLVP) and Global X Silver Miners ETF (SIL) saw significant gains. Top-performing miners include Coeur Mining, Gatos Silver, and Hecla Mining.
September 13, 2024 | 8:02 pm
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POSITIVE IMPACT
Coeur Mining, Inc. (CDE) surged 37.22% this week, benefiting from the overall rise in silver prices and market dynamics.
CDE's stock price is highly sensitive to silver price movements, and the current market conditions favor further gains.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Gatos Silver, Inc. (GATO) experienced a 33.87% increase, driven by the surge in silver prices and favorable market conditions.
GATO's performance is closely linked to silver price trends, and the current environment suggests continued positive momentum.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Hecla Mining Company (HL) rose 25.05% this week, benefiting from the silver price rally and market expectations.
HL's stock is positively impacted by the same factors driving other silver miners, indicating a strong short-term outlook.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Global X Silver Miners ETF (SIL) saw a 16.7% increase, its best since inception in 2010, due to rising silver prices and potential Fed rate cuts.
SIL's significant gain is attributed to the same factors affecting SLVP, indicating a strong positive short-term outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
iShares MSCI Global Silver Miners Fund (SLVP) gained 16.8% this week, marking its best performance since early April 2020, driven by rising silver prices and expectations of a Fed rate cut.
SLVP's performance is directly tied to the surge in silver prices and market expectations of a Fed rate cut, which are likely to continue influencing its short-term price positively.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90