Silver Stocks Jump as Confirmed COVID-19 Cases Rise
The stock market's ascent might have stalled as investors determine what to make of rising numbers of confirmed cases of COVID-19, but the uncertainty has provided support for precious metals. The price of gold is near a five-year high at over $1,755 per ounce, while the price of silver crossed a key psychological level of $18 per ounce before receding.
The relative resilience of gold and silver prices has helped to lift shares of mining stocks in 2020. Today, shares of many smaller silver miners -- the companies that could benefit most from high silver prices -- are rising by double digits.
Shares of Alexco Resource Corp (NYSEMKT: AXU) rose as much as 13.6% today. That was followed closely by Fortuna Silver Mines (NYSE: FSM) and Hecla Mining (NYSE: HL), which rose as much 12% and 10.9%, respectively.
Source Fool.com
