By Jerry Kronenberg | Moomoo News
Silver rallied to a fresh 11-1/2-year high Tuesday, taking silver-mining stocks along for the ride as investors apparently look to the metal as an inflation hedge and a material for ecofriendly electrical equipment.
Comex silver for July delivery rose as much as 6.4% to $32.45 – the contract’s highest price since November 2012.
That drove several silver companies’ stocks higher. As of 2 p.m. ET, winners included:
-- $Endeavour Silver (EXK.US)$, up 9.8% at $4.13 after earlier hitting a 2+ year high of $4.20
-- $Pan American Silver (PAAS.US)$, ahead 6.8% at $22.468
-- $First Majestic Silver (AG.US)$, gaining 4.8% to $7.51
-- $Hecla Mining (HL.US)$, which rose 4.4% to $5.88
-- $Freeport-McMoRan (FCX.US)$, +3.8% at $53.50
Silver has been rising along with gold and copper – which have been trading at or near record highs – reportedly due to metals’ historic role as a hedge against U.S inflation.
Silver and copper also conduct electricity well, making them important ingredients for the electric-powered products that many environmentalists are pushing to replace devices that run on fossil fuels.