Top Silver Stocks To Watch Right Now

Silver stocks have been stuck at a certain price point for a few weeks now. Other than a short uptick in the first week of January, silver stocks have been rather stagnant in terms of a large movement. This is due to the price of silver staying above the $25 price point for an extended period of time, but not moving significantly lower either. On February 1st, the unexpected happened. We’re sure you have heard how the Reddit traders impacted GameStop (NYSE: GME) stock, AMC Entertainment (NYSE: AMC), and BlackBerry Limited (NYSE: BB) in an attempt to beat shorting hedge funds. Well according to major publications such as CNBC, Wall Street Journal, Business Insider, and more, Reddit is at it again and this time the target is silver stocks.

On the other side of the fence, Reddit users on the subreddit r/WallStreetBets seem to disagree with these major publications. The Redditors claim that these articles are false and the focus has not shifted off of GME stock. Users said things such as, “Complete lies. Stay away from silver right now” and “Don’t listen to them, this is them trying to take focus away from GME”. No matter which side is correct here, one thing is undeniable and that is the increase in price of silver and silver stocks on February 1st.

[Read More] Top Mining Stocks For Your Watch List

Silver prices briefly broke above $30 then pulled back. As a result, most if not all silver stocks received a massive uptick. These Reddit stocks have been the top of the headlines in the past week or so.

Top Silver Stocks & ETFs To Watch Right Now

  1. McEwen Mining Inc. (NYSE: MUX)
  2. iShares Silver Trust (NYSE: SLV)
  3. First Majestic Silver Corp. (NYSE: AG)
  4. Hecla Mining Company (NYSE: HL)

McEwen Mining Inc.

First up on this list of silver stocks is McEwen Mining Inc. McEwen is an exploration company that, develops, produces, and sells mineral resources. McEwen sells silver, gold, and copper. The company owns 100% interest in the El Gallo project, Fenix project, Black Fox mine, and plenty more. It operates properties in Mexico, Canada, Argentina, and the United States. Let’s see how MUX stock has been impacted on this crazy trading day, as well as recent updates from the company.

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As of 10:08am EST on February 1st, MUX stock price is currently at $1.42 per share on average. This is an 18.18% increase at the time of writing. MUX stock closed at about $1.20 a share on average the day before. This is all a result of the massive silver price uptick that happened overnight as a result of the Reddit situation with WallStreetBets. McEwen released a progress update on January 29th, which is the most recent update from the company. But this news is not even what is moving the price of MUX stock up, simply it is the rising silver price.

iShares Silver Trust

silver stocks to watch

The iShares Silver Trust tracks the silver spot price, less expenses and liabilities, using silver bullion held in London. The iShares Silver Trust is listed as SLV. Generally speaking, the trust will reflect the performance of the price of silver. It allows for exposure to the daily movement of silver bullion prices, cost effective access to physical silver, and potentially protects against inflation. So let’s look at the price movement of this trust on February 1st.

SLV opened at $27.76 per share on February 1st. This was an instant 11.08% increase at market open. As of 10:15 am eastern on Monday, SLV is at $27.43 a share on average, not much lower than its opening price. This means that SLV is still up about 10% at the moment. This information is likely to change due to the rapid price change that silver is experiencing on the 1st.

First Majestic Silver Corp.

Next up on this Reddit silver stock list is First Majestic Silver Corp. Fortuna is a mining company that explores, extracts, and processes precious and base metal deposits. All of its assets are located in Mexico. First Majestic primarily just focuses on silver production. This company has had a lot of positive performance in the last year. But the day of February 1st is looking very interesting for the silver stock.

AG stock was at $23.39 per share at market open. The company has experienced a 22% or so increase overnight due to the silver spike. At the last market close, AG stock price was at $18.12 a share on average. So as you can tell, this new spike in the price of silver has had a great impact on this silver stock.

Hecla Mining Company

mining stocks to buy Hecla Mining (HL)

The final company on this silver stock list is Hecla Mining Company. Hecla Mining is a corporation that will discover, acquire, develop, and produce precious and base metal properties. It operates in the United States and internationally. It currently offers unrefined silver bullion bars and gold bullion bars to precious metal traders. Additionally the company sells lead, zinc, and bulk concentrates, as well as carbon materials to metal traders, smelters, among others.

[Read More] Top Silver Stocks To Watch Throughout 2021

HL stock price is up 38% on the day of February 1st, 2021. This is obviously due to the above mentioned silver spike that occurred on this day. HL stock price is at $7.85 a share on average. Silver stocks have taken over the top NYSE gainers list in the morning of February 1st. HL stock is no exception, seeing the biggest gains out of all of the silver stocks mentioned on this list. It will be interesting to see how this Reddit situation plays out, and what side of the story ends up being correct. Could this be an attempt to short silver, or is this price point here to stay?

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