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International Business Times UK
International Business Times UK
Business
Niloy Chakrabarti

Silver Mining Stocks Surge as Precious Metal Price Reaches Record High of $57/oz Amid Tight Supply

silver United States Mining Robert Kiyosaki
Silver prices have room for further upside. (Credit: Photo Credit: Freepik)

Silver mining stocks like Endeavour Silver (NYSE:EXK) and First Majestic Silver (NYSE:AG) surged 12% on Friday and are up over 2% during premarket Monday trading after silver prices reached a record high of over $57 (£43.1) per ounce.

While the surge could be attributed to the volatility in US stock markets and the cryptocurrency industry, factors like ongoing silver supply tightness and growing expectations for an interest-rate cut this month are also driving the precious metal rally.

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