How Are Silver Miners Doing as Silver Outshines Gold?


Nov. 20 2020, Updated 4:17 p.m. ET

Silver outshines gold

Silver has outperformed gold year-to-date (or YTD). While the SPDR Gold Shares ETF (GLD), which tracks gold prices, has gained 17% YTD, the iShares Silver Trust ETF (SLV), which tracks silver prices, has gained 24% as of June 21, 2016. Thus, precious metal miners with substantial exposure to silver have also performed well year-to-date.

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Silver miners’ performance

Of these companies, Coeur Mining (CDE) has outperformed its peers. Coeur rose 276% as of June 21 while First Majestic Silver (AG) followed closely with a 264% gain. Pan American Silver (PAAS), Hecla Mining (HL), and Tahoe Resources (TAHO) rose 119%, 143%, and 48%, respectively.

Coeur and First Majestic are highly leveraged operationally compared to their closest peers. They’re also relatively high-cost operators, which leads to disproportionate gains. For more on Coeur, please read Coeur Mining Is Rolling, but Can It Sustain Momentum in 2016?

In this series

Analysts’ recommendations and ratings are one of the most important market sentiment indicators for investors to look at. Analyst ratings tell you how bullish or bearish analysts are on a particular company or industry. At the extreme, the sentiment could be an indicator of a change in direction going forward. Generally, when everyone is bearish and dumping stocks, it could mean a bottom and better times are ahead, and vice versa.

In this series, we’ll also look at Wall Street analysts’ recommendations and ratings for these precious metal miners. It’s important to note that analysts’ estimates usually lag behind price movements. We see upgrades when stocks have already risen. As for downgrades, they come when a company has already seen lower prices.

We’ll look at analysts’ ratings for Coeur Mining in the next part of this series.


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