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Silver jumps about 20% in August as bond buybacks lift miners
Silver hit $70 an ounce on Aug. 21, while top US silver producers like Hecla Mining surged 47% for the month.
Silver prices surged about 20% in August, reaching $70 an ounce on Aug. 21, before easing slightly, after the US Treasury decided to double long bond buybacks, strengthening demand for precious metals, Mining.com reports.
As bullion rallied, silver equities moved faster, with Hecla Mining leading the group with a 47% August gain. Wheaton Precious Metals climbed 44%, Coeur Mining, First Majestic Silver, and Fortuna Mining each rose 42%, and Silvercorp Metals advanced 36%.
Miners and silver-focused ETFs also outperformed, with the Global X Silver Miners ETF up 35% and the ETFMG Prime Junior Silver Miners ETF adding 32%. Pan American Silver, the world’s largest primary producer, gained 22% in August.
The rapid advance has pushed silver beyond several banks’ full year average forecasts, but it remains below many more bullish year end targets, Mining.com adds. Wall Street projections vary widely, with calls ranging from roughly $67 to $118 an ounce at year end, including UBS at $80, J.P. Morgan at an $85 fourth-quarter high with downside risk to $50, and Citigroup targeting $110 for the second half.
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