Hecla Mining (HL) Falls as Precious Metals Suffer Steepest Drop

We recently published 10 Firms Crashing Harder Than Wall Street. Hecla Mining Company (NYSE:HL) is one of the worst performers on Tuesday.

Hecla Mining dropped its share prices by 11.47 percent on Tuesday to finish at $12.81 apiece as investors unloaded portfolios in mining stocks after silver and gold suffered their steepest drop in years.

During the session, spot prices of silver— Hecla Mining Company’s (NYSE:HL) business focus—fell by as much as 8 percent before trimming losses to end the day just down by 1.20 percent at $48.13 per troy ounce.

The decline was primarily due to profit-taking amid the precious metals’ surge to record highs in the past few weeks.

Photo by Scottsdale Mint on Unsplash

On Wednesday next week, mining investors will be closely watching out for the result of the US central bank’s Federal Open Market Committee meeting for the month, highly anticipating an interest rate cut.

Lower rates typically buoy prices of precious metals as it weakens the US dollar, making it cheaper for foreign investors to acquire silver and gold.

In other news, Hecla Mining Company (NYSE:HL) earlier this month officially secured the green light of the US Forest Servie for its copper-silver Libby Exploration Project in Montana.

As of December 31, 2024, the Libby Project boasted an Inferred Resource of 112.2 million tons grading 0.7 percent copper and 1.6 ounces per ton silver, for contained metal of over 1.5 billion pounds of copper and 183 million ounces of silver.

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