These Silver Stocks Have Experienced Positive Momentum
When it comes to silver stocks, things have been very interesting to watch in the market. Last year nobody knew what was to come for this resource. That was until the pandemic arrived, and made things even more unsure in March 2020. But now it’s the end of February in 2021, nearly a year later, so where do things stand?
Well, one thing that recently happened with silver stocks was when Reddit traders allegedly boosted the metal. This caused the price of silver to go above $30 a share on average. But Reddit traders denied that this was their doing, and blamed hedge funds. It is truly unknown what really caused this silver uptick. But the metal was able to hold at least $2 of gains long term after this.
You may be wondering, what else causes silver stocks to move up in the market? One factor in the price of silver is industrial demand for the metal. Industrial demand for the metal fell after many operations had to temporarily shut down due to the pandemic. But still silver prices were able to move higher because of the rising value of precious metals as a whole.
At one point in 2020, the metal reached a new all-time high in the market. Some may think that the hype for silver is over since it has received many upticks. But this is not true, as there is many silver stocks that have been trending upwards in the market. It can get confusing when trying to decide which silver stocks are the best to watch. For now, let’s take a look at four silver stocks that have positive momentum so far, and could potentially uptick in the future.
Top Silver Stocks To Buy [Or Sell]
- Endeavour Silver Corp. (NYSE: EXK)
- Fortuna Silver Mines Inc. (NYSE: FSM)
- First Majestic Silver Corp. (NYSE: AG)
- Coeur Mining Inc. (NYSE: CDE)
Endeavour Silver Corp.
First up on this silver stock list is Endeavour Silver Corp. Endeavour Silver is a mining company whose primary focus is silver and gold mining. The company actively acquires, explores, develops, processes, extracts, and refines those metals at its properties. Its main properties are located in Mexico and Chile. Unfortunately like many other companies it had to stop its mining operations in 2020 at one point. But since then, Endeavour has been able to create lots of good momentum for itself. Let’s take a look at the recent updates for the company.
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Endeavour’s latest update was on February 3rd, 2021. The company stated that it has updated its 2020 mineral reserve and resource estimates. Its proven and probable silver mineral reserves went up 11%, while the same for gold went down 1%. The CEO of Endeavour, Bradford Cooke said, “Reserves and resources increased significantly at Guanacevi due to our successful exploration of the El Curso property, which separates and adjoins our current Milache and historic Porvenir Cuatro orebodies.”
Fortuna Silver Mines Inc.
Next up on this silver stock list is Fortuna Silver Mines Inc. The company will explore, extract, and process various precious metals. The company looks for silver, gold, zinc, and lead deposits. It primarily works at the Caylloma and San Jose mines. Fortuna also owns two mines located in both Peru and Mexico, as well as a few others. The company additionally purchased the Goldrock Mines for $129 million CAD back in 2016. Let’s take a look at its most recent updates from the company.
The latest Fortuna update was released on January 19th, 2021. This was when the company announced its full year production numbers for 2020, as well as its 2021 guidance. The company produced 11.3 million silver equivalent ounces in 2020 throughout the year. Now the company projects a 322 to 365 percent increase in gold production year over year. It expects its 2021 silver production to be 7% higher than 2020. That is the last update that was released by this silver company.
First Majestic Silver Corp.
Now let’s talk about First Majestic Silver Corp. First Majestic acquires, explores for, develops, and produces product at mineral properties. Its main product that it searches for is silver deposits. It owns various mines like the La Encantada mines, San Dimas, and Santa Elena in Canada and Mexico. Let’s take a look at the latest from First Majestic Silver.[Read More] Should Silver Stocks Be On Your Watch List Right Now?
The most recent company update has finally arrived on February 18th, 2021. This is when the company released its 2020 financial results for the full year and fourth quarter. Throughout the year, the company generated $363.9 million in revenue. Its fourth quarter revenue increased 21% year over year in total. Its mine operating earnings were $43.7 million, an 82% increase year over year as well. Keith Neumeyer, the President and CEO of the company said, “First Majestic finished 2020 with strong silver production and solid financial results despite the early challenges related to the COVID-19 global pandemic.”
Coeur Mining Inc.
The final silver stock to watch is Coeur Mining Inc. Coeur Mining is a company that explores for, develops, and produces various mineral resources. Primarily, these consist of gold, silver, zinc, and lead. It has interest 100% in the Palmarejo mine among many others like the Rochester mine. So how has Coeur’s 2021 performed so far?
This week, Coeur released its fourth quarter and full year 2021 results. This included revenue, operating cash flow, and EBITDA increasing 10%, 62%, and 51% respectively. Its production was in line with its full year guidance ranges as well. Its silver production increased 11% quarter over quarter to the fourth quarter. President and CEO Mitchell J. Krebs stated, “Our strong culture allowed us to effectively navigate COVID-19 while also achieving several important strategic objectives during the year.”
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