Silver prices rebound, moving silver stocks to the upside

By CanadianMiningReport.com Staff Writer / August 27, 2021 / Article Link

Silver markets are clearly turning around. In Thursday’s trading session, silver prices peaked above the 200 day EMA again as markets have jumped quite drastically. Now that we are above the 200 day EMA, it is likely that we could go looking towards the 50 day EMA which currently sits at the $26.18 level.

Currently, it looks as if the $29 level is massive resistance but short-term dips present buying opportunities on silver stocks.

So wich are the best silver stocks that have potential right now?

Mining stocks of junior and mid-tier silver miners have retained momentum since the beginning of 2020, when the pandemic took over the world. After silver reached a new record high price last year, many silver stocks followed suit. Currently, there are a lot of inflation fears in the stock market. An expected fourth wave of covid infections creates very real fears for new lockdowns and worsening economic conditions around the world as well. This can affect the supply of metals like silver in the long term. Silver is a popular commodity as it is both a precious metal and used industrially.

Based on performance, the best Silver Stocks To Watch are: MAG Silver Corp. ( NYSE: MAG ) Endeavour Silver Corp. ( NYSE: EXK ) Avino Silver and Gold Mines Ltd. ( NYSE: ASM ) MAG Silver Corp. (NYSE: MAG) MAG Silver Corp. is a company that predominantly operates in Mexico. Experts talk about this mining stock due to its positive momentum in the market. Its most recent results from the ongoing processing of mineralized development materials through the Fresnillo plant continue to provide  a nice side-stream cash injection. In the past week, MAG stock was at $18.15 per share on average. It has since reached more than $20.30 per share on average.

Endeavour Silver Corp. (NYSE: EXK) is a silver stock that just increased in value. This company acquires, explores, and develops various mining properties in both Chile and Mexico. The recent acquisition of the Bruner Gold Project located in Nye County, Nevada means the miner is adding an advanced stage precious metals exploration property to its project pipeline. Bruner represents a good start on building an attractive gold-silver portfolio in Nevada with potential for exploration discoveries, district acquisitions, near-term production, and organic growth. Following the news, EXK stock went up 4%.

Avino Silver & Gold Mines Ltd. (NYSE: ASM) operates primarily out of Mexico and Canada. Avino also has 24 exploitation concessions covering 1200+ hectares of land. The initial drill results from its Phase 1 drill campaign at La Malinche have been encouraging. The miner hit some significant grades at each location. Consecutively, ASM stock has gone from $1.01 per share to $1.09 per share in the last 5 days.

These silver stocks can be shorted or kept long-term as you wait for them to appreciate in value. Whatever strategy you choose, having some mining stocks in your portfolio is a much better way to build up a position.