Gold prices remain stable as Dollar Shows Signs of Rebounding

By CanadianMiningReport.com Staff Writer / November 08, 2021 / Article Link

Thursday’s trading session saw gold pices bounce higher and hold above trend line resistance which is now support at $1,785. A short rebound of the US dollar is seen as some to be putting downward pressure on the yellow metal. However, inflation fears remain strong and the US housing report showed that the median home price continues to rise.

The activity in silver prices was similar to gold as silver edged higher and held above support levels. Silver prices bounced near support which is seen near the 10-day moving average at 23.93Yields were mixed despite a larger than expected trade deficit.

As a result, silver stocks are trending this week due to their bigger percentage returns historically. Waiting to hear if the US government will issue additional stimulus or if the stock market crashes, mining equities are likely to benefit. Silver stocks were also boosted after news broke that Reddit traders were pushing the metal’s price higher at the start of 2021.

This week, the best silver stocks to buy include Pan American Silver Corp. (NASDAQ: PAAS) Endeavour Silver Corp. (NYSE: EXK) and Hecla Mining Company (NYSE: HL).

 Pan American Silver Corp. (NASDAQ: PAAS) discovers, develops, extracts, refines, and reclaims silver from various mines. The comapany’s operations are primarily located in Canada, Mexico, Peru, Argentina, and Bolivia. Its portfolio includes gold, zinc, lead, and copper. The corporation released its second-quarter financial results for 2021 announcing production of 142.3 ounces of gold consolidated. In 2021, it earned $382.1 million in revenue. News of the miner’s cash flow will be released on November 9th. It will be interesting to see what the company reports, as it could impact its stock price.

Endeavour Silver Corp. (NYSE: EXK) is a silver miner that has recently seen a price increase. This company acquires, explores, and develops land. The majority of Endeavour’s key assets are in Mexico and Chile focusing on silver and gold. Endeavour reported 1,305,399 silver ounces and 10.541 gold ounces in the third quarter of 2021. Currently, its silver equivalent production at each mine is on track to meet or improve on its 2021 production plans. Amid disruptions in 2021, the company’s business plan shows strong performance, which has resulted in higher production than last year.

Hecla Mining Company’s silver stock went up 2.64% on the trading day of October 22nd. The company engages in the acquisition, development, production, and discovery at these properties. It offers silver and gold bullion bars, lead, zinc, and bulk concentrated.

Preliminary production results for the third quarter of 2021 showed silver production decreased to 2.7 million ounces but total gold production was in line with last year, at 42,206 ounces.

Choosing the top silver stocks to invest in depends on the mining company’s performance, prospects but also the industry’s status as a whole. Analyzing what’s going on in the world can also be useful, as everything from economic reports to government stimulus has a significant impact on mining stocks.