Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks’ Wild Ride – Coeur Mining (NYSE:CDE), Global X Copper Miners ETF (ARCA:COPX)
From Benzinga: 2024-05-17 15:49:09
On Friday, metal commodities experienced a significant surge, with gold surpassing $2,400 per ounce, silver hitting a 9-year high, and copper reaching an all-time peak. The rise was fueled by diminishing inflation fears and a Chinese stimulus package for the real estate sector.
Copper, highly dependent on China’s economic health, soared over $5 a pound, marking a weekly high. Silver and gold also reacted positively to the news, with silver surpassing $30 and gold climbing.
Experts like Otavio Costa and Goldman Sachs analysts are bullish on metal commodities, especially copper, emphasizing central bank acquisitions of gold and a structural deficit in the copper market. Jeff Currie highlighted copper’s importance in tech infrastructure.
The surge in metal commodities led to a rally in mining stocks, with top gainers including Coeur Mining, Hecla Mining Company, and Taseko Mines Limited. ETFs like SPDR S&P Metals & Mining, Global X Copper Miners, and Global X Silver Miners saw significant gains, reflecting the overall positive trend in the industry.
Read more at Benzinga: Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks’ Wild Ride – Coeur Mining (NYSE:CDE), Global X Copper Miners ETF (ARCA:COPX)