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Tuesday
Jul102007
Hecla Mining: Rallies Up 22.89%
Tuesday, July 10, 2007 at 11:40AM
About a month ago, Hecla Mining found a bottom at $7.47 and since then the stock has surged $1.71 to $9.18, a gain of 22.89%.
Hecla is not alone in rallying recently as we have seen many silver stocks also putting on gains such as Minco Silver, Pan American Silver, Silver Standard, Endeavour Silver and most notably Silver Wheaton, which has gone on a spectacular run to make an all time high.
We signalled a BUY of Hecla when it was $5.27 and now it stands at $9.18, a paper profit of over 74%.
Hecla Mining is now set to challenge its all time high of $9.89 that it made in mid April. Hecla has been doing very well for us as it has more than doubled in the last year and we expect that it will continue to perform extremely well, particularly with the coming rally in silver prices that we think will happen at the end of the summer.
However, although this rally is great news, the technical indicators for Hecla Mining are now looking quite overbought, suggesting a set back in stock price may be around the corner.
Hecla Mining trades under HL on the NYSE and has a market cap of $1.10B and we still have it as a BUY in our portfolio.
Hecla is not alone in rallying recently as we have seen many silver stocks also putting on gains such as Minco Silver, Pan American Silver, Silver Standard, Endeavour Silver and most notably Silver Wheaton, which has gone on a spectacular run to make an all time high.
We signalled a BUY of Hecla when it was $5.27 and now it stands at $9.18, a paper profit of over 74%.
Hecla Mining is now set to challenge its all time high of $9.89 that it made in mid April. Hecla has been doing very well for us as it has more than doubled in the last year and we expect that it will continue to perform extremely well, particularly with the coming rally in silver prices that we think will happen at the end of the summer.
However, although this rally is great news, the technical indicators for Hecla Mining are now looking quite overbought, suggesting a set back in stock price may be around the corner.
Hecla Mining trades under HL on the NYSE and has a market cap of $1.10B and we still have it as a BUY in our portfolio.
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