Hecla Mining (HL) Jumps on 4th Day to All-Time High on Higher Silver, Gold Prices

We recently published 10 Stocks Skyrocket While Wall Street Sinks; 5 Quietly Hit New Record Highs. Hecla Mining Company (NYSE:HL) is one of the top performers on Friday.

Hecla Mining Company (NYSE:HL) extended its winning streak to a fourth straight day on Friday to touch a new all-time high, as investors loaded positions following the higher spot prices in silver and gold.

At intra-day trading, Hecla Mining Company (NYSE:HL) rallied to a record high of $8.54, before trimming gains to end the day just up by 5.45 percent at $8.51 apiece.

The stock mirrored the rally in both silver and gold prices, following July inflation data that solidified expectations for an interest rate cut.

As of writing, silver spot prices were up by 1.66 percent at $39.70 per troy ounce, while gold spot increased by 0.97 percent to $3,450.29 per troy ounce.

Typically, prices of precious metals such as silver and gold rise when the central bank lowers interest rates, as it makes yields from bonds and savings less attractive, thus shifting funds to non-yielding and safer assets.

Additionally, lower interest rates weaken the US dollar, making it easier for foreign investors to acquire the precious metals at a cheaper price.

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