Silver Mining Stocks Hit by Commodity’s Sharp Sell-Off
Yesterday’s sell-off engulfed metals and bullion. Gold (NYSE:GLD) and particularly silver (NYSE:SLV) were badly hit, down 3.9% and 8.9% respectively. Unfortunately, there is no respite today with silver down a whopping 10.3%. The precious metal is now down about 20% this week.
Investing Insights: What is the Mining Industry Forecasting for Gold?
The metal’s slide has dragged down silver mining stocks such as Silver Wheaton Corp. (NYSE:SLW) (-3.7%), Coeur d’Alene Mines Corporation (NYSE:CDE) (-4.4%), Silver Standard Resources Inc. (NASDAQ:SSRI) (-3.4%), and Endeavour Silver Corp. (AMEX:EXK) (-4.3%). However, base metal miners such as Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Southern Copper Corporation (NYSE:SCCO), and BHP Billiton Limited (NYSE:BHP) are nudging green today.
Silver Wheaton Corp. is trading at $33.56 today, down 5.33%. Shares are down 33.27% in one year. The stock’s trading range for the year is between $25.35 and $47.60.