Coeur Mining Inc

Hecla Mining and Coeur Mining each surged 13% after the Treasury Department said it would at least double buybacks of long-dated government debt, pushing yields lower and lifting precious metals. The 10-year Treasury yield fell 5 basis points to 4.7%, while the 30-year yield declined 8 basis points to 5.2% after hitting its highest level since 2007 earlier this week. Lower yields reduce the opportunity cost of holding metals that pay no income, and miners like Hecla and Coeur carry heavy operating leverage to metal prices. Despite the rally, Hecla Mining stock was down 6% year to date through Tuesday's close, and Coeur Mining shares were up just 4%, so the move looks like a catch-up rather than a confirmed uptrend. First Majestic Silver leads silver peers with an 11% year-to-date gain, while Endeavour Silver has managed just 3%, both lagging the underlying metal.

Moderna and Merck shares surged after their personalized cancer vaccine showed positive results in a late-stage trial, with Moderna skyrocketing 120% and Merck jumping 10%. Pilgrim's Pride rallied 15% after JBS, which owns more than 80% of the chicken producer, bid to acquire the remaining stock. Gold miners jumped after the Treasury Department announced sharply higher government debt repurchases, sending yields lower and boosting gold, with the VanEck Gold Miners ETF up 9% and Coeur and Hecla each gaining more than 13%. Marvell Technology rose more than 7% after giving Google permission to buy a $12 billion stake as part of a custom chip development deal. Coinbase surged 11% as bitcoin popped more than 5% to about $68,000, while Lowe's gained over 3% despite cutting its full-year outlook to the bottom end of prior guidance. Target added 5% after beating second-quarter revenue expectations and hiking full-year guidance, helped by a $752 million tariff refund boost. La-Z-Boy tanked 16% after fiscal first-quarter adjusted earnings fell 9% and current-quarter revenue guidance missed FactSet consensus, while Mercury Systems slid more than 6% on mixed results. Estee Lauder rose more than 16% after fiscal fourth-quarter adjusted earnings and revenue beat estimates.

Coeur Mining reported its biggest quarter ever on August 6, with revenue crossing $1 billion for the first time, driven by the first full quarter of contributions from the newly acquired New Afton and Rainy River mines. Free cash flow hit a record $388 million, cash on hand doubled to $1.1 billion, and the company initiated its first dividend in 30 years at $0.02 per share. However, a noncash accounting charge of $140 million tied to the fair value uplift of acquired Rainy River inventory dented reported earnings, and both Canadian mines are still ramping up below original targets. Management expanded its buyback authorization to $750 million and repurchased $110 million of stock through June 30, while full-year guidance calls for roughly $2.3 billion of EBITDA and $1.5 billion of free cash flow.

Coeur Mining reported record second-quarter financial results, with revenue of $1.1 billion, a 27% increase over the previous quarter and the first time the company has exceeded the $1 billion quarterly threshold. Adjusted EBITDA was $478.3 million, driven by the inclusion of a full quarter of results from the New Afton and Rainy River operations, while free cash flow reached $387.5 million, a 45% increase quarter over quarter. Gold production rose 69% to 163,490 ounces, silver production was flat at 4.4 million ounces, and copper production was 11.4 million pounds. The company ended the quarter with $1.1 billion in cash, more than double its balance at the end of 2025, and repurchased $121 million of shares while paying its first dividend in 30 years. Management updated full-year 2026 guidance to approximately $2.3 billion in EBITDA and $1.5 billion in free cash flow, reflecting a more gradual ramp-up at the Canadian assets and adjusted metal price assumptions.

Global X Silver Miners ETF has delivered a 46% return over the past three years, surpassing the 27.7% return of SPDR Gold Shares, even as the gold fund leads over five- and ten-year periods with annualized returns of 17.5% and 11.3% compared to 14% and 7.6% for the silver miners fund. The silver miners ETF carries a higher expense ratio of 0.65% versus 0.40% for the gold ETF and exhibits significantly greater volatility with a beta of 0.84 against 0.17. While SPDR Gold Shares holds physical bullion and offers a direct hedge against currency devaluation, the Global X fund invests in silver mining companies, providing operational leverage and potential shareholder returns through dividends and buybacks. The analysis concludes that the silver miners ETF may be the better buy due to management's ability to enhance returns, despite the gold fund's lower cost and stability.

Coeur Mining's stock may be trading at a 46.8% discount to its intrinsic value of about $31.07 per share, according to a Discounted Cash Flow analysis by Simply Wall St. The estimate is based on the company's trailing twelve-month free cash flow of approximately $732.4 million and assumes continued growth. In contrast, Coeur Mining's price-to-earnings multiple of 21.4x sits close to the Metals and Mining sector average of 20.9x and Simply Wall St's fair P/E of 22.3x, suggesting the stock is roughly fairly valued on an earnings basis. The mixed valuation picture comes after a roughly 7x return over three years, with catalysts including recent acquisitions, upcoming index inclusion, and new capital return programs.