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Stocks of gold and silver miners shot up Tuesday as the price of the metals rose, outpacing the broader stock market.
Shares of IAMGOLD Corp. (NYSE:IAG) were up 54 cents, or more than three percent, to $16.85, Barrick Gold Corp. (NYSE:ABX) gained $1.35, or 2.7 percent, to $48.38 and Goldcorp Inc. (NYSE:GG) rose $1.24, or 2.6 percent, to $48.28.
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Silver miners also saw gains. Hecla Mining Co. (NYSE:HL) was up 64 cents, or 12.55 percent, to $5.66 per share on a big fourth-quarter report. The Coeur d'Alene, Idaho-based company reported net income of $18.6 million, or seven cents a share, compared with a loss of $9.73 million, or five cents a share, a year ago. That fell in line with Wall Street analysts' estimates. Revenue fell 23.5 percent to $102.9 million from the year-ago quarter, but topped analysts' expectation of $98.8 million.
Other silver miners also did well. Silver Standard Resources Inc. (NASDAQ:SSRI) was up 50 cents, or 3.5 percent, to $16.51 and Coeur d'Alene Mines Corp. (NYSE:CDE) was up $1.14, or 4.2 percent, to $29.
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In afternoon trading, the most actively traded gold contract on the Comex was up 1.65 percent, while the comparable silver price price of silver gained 2.68 percent.
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The gains in the companies' shares outpaced the increase in the S&P 500, which was up 0.35 percent to 1,366.
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