These Silver Stocks Are Pulling Ahead
So many silver stocks have been trending in the market throughout 2021. This has happened for a variety of things. One cause of this increase in the price of silver stocks was as a result of Reddit based retail traders. There was one day at the very end of January where the price of silver increased significantly. The Reddit retail traders caused the metal to go up about $5 per ounce during that period of time. But as this was over a month ago, what things are affecting silver stocks now? Currently the price of silver is being driven by industrial demand, as well as the pandemic. There are also some instances where retail investors try to hike up the price of the metal but it has not been as successful as it was before. Industrial demand for silver has increased as many projects including production, construction, and more have commenced again.
The pandemic is still going on strong despite case numbers going down. This is resulting in gold and silver holding on to price points they have been at for a long time. Often people will invest in the iShares Silver Trust (SLV) instead of silver stocks as well. Silver has been able to stay above $25 per ounce for a while now. Recently the U.S. Labor Department released new jobless reports that showed a fall in unemployment numbers. The problem is this fall was short. That actually means metals are able to perform higher. Unemployment hurts the economy, and despite falling COVID cases, it is still near an all time high. There are plenty of silver stocks to watch in the market at the moment. Let’s take a look at four silver stocks that have been gainers in the market throughout 2021 so far.
Top Silver Stocks To Watch
- First Majestic Silver Corp. (NYSE: AG)
- Hecla Mining Company (NYSE: HL)
- Pan American Silver Corp. (NASDAQ: PAAS)
- Endeavour Silver Corp. (NYSE: EXK)
First Majestic Silver Corp.
First up on this list of silver stocks is First Majestic Silver Corp. This company will acquire, explore for, develop, and produce 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 check out the corporation’s recent market performance in 2021 so far.
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Its recent financial results for the fourth quarter and full year of 2020 were positive. It reported revenue of $363.9 million during 2020. This is as a result of strong silver production and higher metal prices Its fourth quarter revenue went up 21% year over year. Its mine operating earnings went up 82% year over year, and much more. Keith Neumeye, President and CEO of the company said, “We generated 87% of our $105.1 million in operating earnings in the second half of 2020 primarily due to higher silver production and an improved metal price environment. This significant increase in profitability helped to lift our cash balance to a record $238.6 million at the end of the year.” This is the most recent update that has come from First Majestic that could impact its stock price.
Hecla Mining Company
Next up on this list of silver stocks is Hecla Mining Company. Hecla Mining is a company that engages in discovery, acquisition, development, and production of precious and base metal properties. It operates these primarily out of North America. It offers lead, zinc, silver and gold bullion bars, and more. So how has Hecla’s performance been in 2021 so far?
On the day of March 10th, HL stock is up about 4.3% in the market. Its full year and fourth quarter results were recently released in February. Its silver production rose while its gold production fell year over year. But this fall in gold production is from its highest ever. Its guidance was up regardless. Phillips S. Baker Jr. President and CEO said, “The COVID pandemic provided significant challenges to Hecla and the mining industry; however, due to our people and the jurisdictions we operate in, Hecla exceeded the high end of our pre-COVID silver guidance by 1.4 million ounces.” It will be interesting to see how HL stock performs in the future.
Pan American Silver Corp.
Now let’s talk about Pan American Silver Corp. Pan American Silver Corp. is a mining corporation primarily looking working on the exploration, development, extraction, processing, refining, and reclamation of silver mines. It operates these mines in Canada, Mexico, Peru, Argentina, and Bolivia. The company additionally sells and produces gold, zinc, lead, and copper. Let’s check out PAAS stock recent market performance and company updates.
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On March 10th, PAAS stock is up about 1% in the market at $31.39 a share on average in the market. Its latest update was its financial results back in February 2021. It reported record operating cash flow of $462.3 million in 2020. President and CEO Michael Steinnman said, “Pan American delivered strong financial performance in 2020, generating a record $462.3 million in operating cash flow, which enabled us to fully repay all bank debt, double our quarterly dividend to shareholders, and grow our cash balance at year end.” PAAS massive increase in stock price in the last year could help it even more in the future.
Endeavour Silver Corp.
Last up on this silver stock list is Endeavour Silver Corp. Endeavour is a silver company that acquires, explores, develops, extracts, processes, and refines silver. The company owns mining properties in Mexico and Chile. Let’s look at its recent earnings report.
On March 1st, the company released its long awaited earnings report. This is for the fourth quarter and full year of 2020. The financial results reported by the company were better than expected. Its revenue, cash flow, and earnings all moved upwards. The CEO of the company Bradford Cooke said, While 2019 was operationally the most challenging in our 16-year history as a producing company, 2020 was perhaps one of the most satisfying. Notwithstanding a government mandated two-month suspension of mining operations due to the COVID pandemic, we delivered higher production and lower costs at each of our three operating mines in 2020.” That is the latest update from Endeavour Silver Corp.
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