Hecla Mining (HL) Jumps to New High as Silver, Gold Climbs to Records

We recently published 10 Big Names With Explosive Growth. Hecla Mining Company (NYSE:HL) is one of the best performers on Wednesday.

Hecla Mining jumped to a new record high on Wednesday, as investors loaded portfolios in mining firms following silver and gold’s rally to new highs.

During the session, Hecla Mining Company (NYSE:HL) hit an all-time high of $13.36 before finishing the day up 11.63 percent at $13.34 apiece.

Investor sentiment was buoyed by strengthened expectations of interest rate cuts that propelled silver and gold prices to new highs during the day. Silver was up by 3.2 percent to $49.39, after hitting a record high of $49.57, while gold cracked past the $4,000 level, up 1.7 percent to $4,050.

The Federal Reserve is set to convene in its next Federal Open Market Committee (FOMC) meeting on October 28 and 29, where investors expect another round of interest rate cuts.

Any rate cut move typically benefits mining firms such as Hecla Mining Company (NYSE:HL), as lower rates tend to weaken the US dollar, making buying precious metals such as silver and gold much cheaper for foreign buyers.

The last FOMC meeting this year is scheduled for December 9 and 10, where a final rate cut is also expected.

In other news, HSBC on Wednesday raised its average silver price forecast to $38.56 per ounce from $35.14 previously, helped by higher prices of gold and renewed investor demand.

For 2026, HSBC expects silver prices to $44.50 from $33.96 previously, and to $40 from $31.79 for 2027.

While we acknowledge the potential of HL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.