Surging silver prices Tuesday boosted shares of silver mining companies.

Silver for December delivery, the most actively traded contract on the Comex, jumped 4.6 percent in early afternoon trading.

In the wake of that gain, silver mining company shares climbed as well. Great Panther Silver Ltd. and Endeavour Silver Corp. rose 4.6 percent and First Majestic Silver Corp. increased 3.3 percent.

Silver exchange-traded funds also posted big gains. IShares Silver Trust rose 3.7 percent and Sprott Physical Silver jumped 5.1 percent. 

The silver market was probably undermined by softer than expected U.S. GDP readings, but those readings were partially countervailed by slightly better than expected Richmond Fed manufacturing survey, the CME Group said in a statement.

At least into mid session, the silver market was doing a very good job of discounting developing weakness in U.S. equities and that would seem to suggest a shift in the recent focus of the silver trade.