Silver Prices Surge Above $76, Year-to-Date Gains Reach 164%
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
- Silver Price Surge: Silver prices surged above $76 in New York trading, with year-to-date gains reaching 164%, marking the strongest annual performance since 1978, indicating a significant supply crunch in Asian markets that may attract more investor interest in precious metals.
- Platinum and Palladium Rise: Platinum prices jumped over 8% and palladium soared more than 11%, leading the Aberdeen Physical Platinum Shares ETF to a year-to-date increase of 165%, suggesting platinum is on track for its best annual performance ever, reflecting strong market demand for precious metals.
- Gold Price Hits New Highs: Gold prices rose 1.3% to above $4,550, indicating increased investor demand for safe-haven assets, which could further drive the overall upward trend in the precious metals market.
- Copper Price Recovery: Copper prices climbed 4.6%, fully recovering from the sharp selloff seen last July, signaling a rebound in market demand for industrial metals that may boost profitability for related companies.
Analyst Views on FCX
Wall Street analysts forecast FCX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FCX is 52.40 USD with a low forecast of 44.00 USD and a high forecast of 68.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
14 Buy
1 Hold
0 Sell
Strong Buy
Current: 61.170
Low
44.00
Averages
52.40
High
68.00
Current: 61.170
Low
44.00
Averages
52.40
High
68.00
About FCX
Freeport-McMoRan Inc. is an international metals company focused on copper. The Company operates geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. The Company's segments include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining. Its operations include North America, South America and Indonesia. In North America, it manages seven copper operations: Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines: Henderson and Climax in Colorado. It also operates a copper smelter in Miami, Arizona. In South America, it manages two copper operations: Cerro Verde in Peru and El Abra in Chile. In addition to copper, the Grasberg minerals district also produces gold and silver.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
