Silver Mining Stocks Were Up; Who Led The Way?
New York (Jun 19) With another Fed meeting and no rate hike to report, all eyes shifted to the mess that is Greece. The metals had another reasonable week, with gold prices looking to post a second consecutive winning week.
Silver miners put together a nice week, with a few notable stock surges.
Coeur Mining Inc. (NYSE:CDE) rose 90 cents, or 14.22%, as of Thursday's close. The stock doubled its trading volume on Thursday, which was when it saw most of its gains. Firms and analysts are bullish in the short term for the U.S.-based silver miner, with a target of $6.63.
MAG Silver Corp. (NYSE MKT:MVG) jumped 99 cents, or 11.72%, as of Thursday's close. MAG has not had any fresh news out in more than month. A company director recently purchased C$454,000 of company stocks on June 10 - that's just about the only news out there.
Argonaut Gold Inc. (TSX:AR) was up 19 cents, or 10.99%, as of Thursday's close. The company stock has been taking a beating since May but saw a bounce this week. Argonaut released some drill results from the newly acquired Mangino deposit with Scotiabank putting a $4.75 price target on the Canadian gold miner.
First Majestic Silver Corp. (NYSE:AG) gained 56 cents, or 10.53%, as of Thursday's close. The Mexican-focused senior silver producer has seen some rating adjustments to buy lately, with a price target pegged ranging between $6 and $7.
Pan American Silver Corp. (NASDAQ:PAAS) rose 95.5 cents, or 9.62%, as of Thursday's close. The company saw high volume trading early in the week and received several hold recommendations from analysts and brokerage firms.
Losses were not exceptionally damaging this week, but Tahoe Resources Inc. (TSX:THO) got dinged with a $1.49, or 8.79%, loss. The big news came from gold mining giant Goldcorp Inc. selling off their 26% in the company for roughly $1 billion.
Turquoise Hill Resources (TSX:TRQ) dipped 24 cents, or 4.93%, as of Thursday's close. The company had no news for the market this week, but lukewarm analyst ratings may have weighed a little negatively on the stock price.
New Gold Inc. (TSX:NGD) was down 17 cents, or 4.45%, as of Thursday's close. The company has been trending lower for months with little news for the market. The mid-tier gold miner has been linked with lower gold prices when lower, but doesn't follow the trend when the gold price switches to positive territory.
All-in-all a fairly positive week for the metals and the miners as everyone sits down with popcorn, or maybe some Ouzo as our Peter Hug suggested, to watch the Greece debacle.