Silver prices hitting record highs day after day lift 'silver mining stocks' as well
Summary
- It reported that as silver prices reached record highs, the share prices of silver mining stocks also rose significantly.
- It said that major mining companies' stock prices, including Wheaton Precious Metals, have risen more than 100% year-to-date.
- Some experts warned that the surge in silver prices could be a bubble caused by speculative demand.
As silver prices reached record highs, the share prices of mining companies that mine silver also surged.
Wheaton Precious Metals (ticker WPM)'s share price was $117.53 on the 12th, up 14.91% over the past month and 102.39% year-to-date. The company, which mines gold and silver at 41 mines, is the world's largest silver mining company and has been hitting record highs day after day since its recent listing. It has a market capitalization of $53.3 billion (about 79 trillion won).
Competitors' share prices are also surging. Pan American Silver has risen 132.71% year-to-date, and Coeur Mining jumped 178.23%. Some have warned that the sharp rise in silver prices could be an abnormal 'bubble.' Suki Cooper, an analyst at Standard Chartered Bank, analyzed, "Amid expectations of U.S. rate cuts, some speculative demand concentrated on exchanges with inventory shortages, causing prices to surge in a short period."
Reporter Jeon Beom-jin forward@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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