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Highlights
- Silver prices hit a seven-week high on Wednesday, January 19, amid growing inflation numbers and rising Treasury yields.
- As a result, investors are expecting that the Bank of Canada (BoC) may tighten the monetary policy during its upcoming rate announcement next week, due to which silver stocks may be gaining traction in the Canadian stock market.
- A silver scrip mentioned here jumped nearly 12 per cent week-to-date.
Silver prices hit a seven-week high on Wednesday, January 19, amid growing inflation numbers and rising Treasury yields.
As a result, investors are expecting that the Bank of Canada (BoC) may tighten the monetary policy during its upcoming rate announcement next week, due to which silver stocks may be gaining traction in the Canadian stock market.
Let us have a glance at two TSX-listed silver stocks and how they performed.
1. First Majestic Silver Corp (TSX: FR)
First Majestic Silver Corp, on Tuesday, January 18, announced that it produced 8.6 million ounces of silver equivalents in Q4 FY2021.
Its total production included 3.4 million ounces of silver and 0.067 million ounces of gold, which was a 17 per cent increase on a quarter-over-quarter (QoQ) basis.
The Vancouver, British Columbia-headquartered silver company generated a revenue of US$ 124.6 million in the third quarter of fiscal 2021.
Stocks of First Majestic Silver Corp climbed by over 12 per cent on Wednesday to C$ 14.85 apiece.
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2. Endeavour Silver Corp (TSX: EDR)
Endeavour Silver Corp, on January 13, said that it has inked a definitive agreement to acquire the Durango, Mexico-based Pitarrilla Project from SSR Mining Inc (TSX: SSRM) in order to expand its asset portfolio.
The silver-focused miner generated a net revenue of US$ 34.6 million in the third quarter of FY2021, which it said that it did primarily by selling 0.699 million ounces of silver and 9,925 ounces of gold.
Endeavour Silver, which presently has a return on equity (ROE) of 23.86 per cent, saw its scrip close at a value of C$ 5.83 apiece on Wednesday. This silver scrip also jumped by nearly 12 per cent on a week-to-date (WTD) basis.
Bottomline
Many Canadian investors are now turning their attention towards safe investment options like silver and gold stocks amid the expectations of strict monetary policy. In general, though, investors are generally advised to stay updated about market trends to capture substantial profit.
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