BUZZ-Silver miners gain on US Fed rate cut optimism
Endeavor Group Holdings Inc EDR | 29.25 29.25 | Delist 0.00% Pre |
Hecla Mining Company HL | 19.18 18.22 | +2.95% -5.01% Pre |
Coeur Mining, Inc. CDE | 19.11 18.15 | +1.81% -5.02% Pre |
Silvercorp Metals Inc. SVM | 11.10 11.10 | +3.35% 0.00% Pre |
abrdn Physical Silver Shares ETF SIVR | 71.57 68.00 | -0.06% -4.99% Pre |
Updates
** Shares of silver miners rise, tracking prices of the metal GOL/
** Spot silver XAG= rose 3% to $58.84/ounce after touching record high of $58.98 on Wednesday
** Silver prices rise as expectations that the U.S. Federal Reserve will cut interest rates next week gained traction, with investors awaiting U.S. inflation data that could clarify the central bank's next move
** Silver has surged about 101% so far this year, driven by a structural supply deficit, liquidity concerns and its addition to the U.S. critical minerals list
** Hecla Mining HL.N up 2.4% and Coeur Mining CDE.N rise 2.7%
** Canadian miner: Silvercorp Metals SVM.TO climbs 2.9%
** Abrdn Physical Silver Shares ETF SIVR.P and iShares Silver Trust ETF SLV.P both up 3.1%
(Reporting by Varun Sahay in Bengaluru)
((Varun.sahay@thomsonreuters.com))