On September 23, Pan American Silver rose 5.06% in regular trading, trading at $51.2 per share, with turnover of approximately $122 million. The broader precious metals sector rallied in tandem, with Coeur Mining up 5.4%, Wheaton Precious Metals up 4.82%, Agnico Eagle Mines up 3.51%, Newmont Mining up 3.94%, and Barrick Mining up 3.35%.
The rally was driven by the Federal Reserve completing its latest 25-basis-point rate hike, bringing the federal funds rate to 3.75%–4.00%. With the rate decision now behind the market, crude oil prices continued to retreat, easing inflation expectations, while U.S. Treasury yields pulled back simultaneously. The decline in yields provided support for non-yielding precious metal assets, triggering a broad rebound across gold and silver mining stocks.
Pan American Silver had previously been under pressure after reporting second-quarter earnings per share of $0.73, missing the consensus estimate of $1.04. The current rebound suggests the stock has stabilized from its post-earnings low. Analysts polled maintain an average buy rating with a mean target price of $72.66, implying significant upside from current levels.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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