These Silver Stocks Have Potential
The market for silver stocks has been quite an interesting one to watch recently. The pandemic caused silver assets to skyrocket in price. The percentage gains for many silver assets were higher than gold stocks. This brought a lot of new investors to the metal that may have overlooked it before. One other recent event also brought a lot of new people to silver investing.
You have certainly heard of the GameStop situation where Reddit traders boosted the price of the stock. Last month, the same thing happened to silver prices due to retail traders, according to the mainstream media. But Reddit traders quickly stated that it was not their doing. This caused the price of the metal to pull back. What this did do, was attracting a lot of new eyes and investors to silver-related assets. The price of silver has been able to remain at a key price point right now.
So what else is affecting mining stocks? Jobless reports often affect the price of silver and gold. Recently unemployment numbers have remained very high. Despite drastically falling COVID case numbers, it is not changing the fact that many are still unemployed. This can help the price of silver perform well. It will be interesting to see the effect this will have on silver in the future.
These assets are still rather volatile at the moment. Yet still, there are many great silver stocks to watch at the moment. Let’s take a look at four silver stocks that have seen momentum building in the last year. These silver stocks show that it is still possible for metals to be increasing in price at the moment.
Top Silver Stocks To Watch
- First Majestic Silver Corp. (NYSE: AG)
- Fortuna Silver Mines Inc. (NYSE: FSM)
- Endeavour Silver Corp. (NYSE: EXK)
- Pan American Silver Corp. (NASDAQ: PAAS)
First Majestic Silver Corp.
The first company on this list of silver stocks is First Majestic Silver Corp. First Majestic is a mining company that primarily focuses on acquiring land, exploration, development, and production of mineral properties. The company’s biggest projects include silver production in Mexico. Currently, First Majestic has 100% interest in the San Simas mine, Santa Elena mine, and holds an interest in plenty more projects. Let’s check out its most recent market performance.
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The company’s latest large update was the release of its financial results on February 18th, 2021. First Majestic announced high revenue of $363.9 million. This resulted from strong silver production numbers and higher metal prices in the second half of 2020. Keith Neumeyer, President, and CEO of the company, stated, “This significant increase in profitability helped to lift our cash balance to a record $238.6 million at the end of the year. We also announced our inaugural dividend policy at the end of 2020, which was a major milestone and something I am particularly proud of as this has been a long-term objective of the Company.”
Fortuna Silver Mines Inc.
The next silver stock is Fortuna Silver Mines Inc. Fortuna Silver Mines is a precious metal mining corporation from Canada. But most of its operations take place in Peru, Mexico, and Argentina. 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 have a look at the recent market performance from Fortuna Silver Mines.
On March 10th, the company reported its consolidated financial results for the full year of 2020. The company had income of $21.6 million and adjusted EBITDA of $112.6 million. The President and CEO Jorge A. Ganoza said, “Fourth quarter marks a continuation of very strong financial results in the second half of 2020 driven by favorable metal prices, sustained production, and cost containment in spite of a challenging operating environment.”
Endeavour Silver Corp.
Now let’s talk about Endeavour Silver Corp. This is a mining business that acquires land, explores it, and develops it. Endeavour similarly works on the processing, refining, and reclamation of its mineral properties. The properties in question are located in both Mexico and Chile. Endeavour’s primary focus is searching for gold and silver deposits. So how is the company performing in March 2021 so far?
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This is another company that has joined in on earnings season. Endeavour released its fourth-quarter and full-year financial results on March 1st, 2021. Its earnings were $19.9 million in the quarter and $1.2 million for the full year. CEO 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.”
Now we will see if it can keep up this momentum in 2021.
Pan American Silver Corp.
The final silver stock to watch is Pan American Silver Corp. This is one silver stock you have surely heard of if you are invested in the market. Pan American Silver is a mining corporation primarily exploring, developing, extracting, processing, refining, and reclamation of silver mines. It operates these mines in Canada, Mexico, Peru, Argentina, and Bolivia. The company sells and produces gold, zinc, lead, and copper.
At the end of February, this corporation joined earnings season as well. PAAS reported $462.3 million in cash flow in 2020. CEO Michael Steinmann said, “Our operating teams helped deliver these strong results despite the exceptional challenges presented by the COVID-19 pandemic. We continue to support our workforce and communities during this difficult time and look forward to the deployment of vaccination programs during 2021.”
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