Shares of silver mining companies on Thursday climbed more than the surging price of the white metal.

Silver for December delivery on the Comex closed up $1.80 to $35.11, a gain of more than five percent.

The broader stock market was also on a tear, as all three major indexes were headed for gains of more than three percent.

But silver mining companies set the pace. In late afternoon trading, Mag Silver Corp. shot up 8.17 percent, Coeur d'Alene Mines Corp. jumped 8.45 percent, Hecla Mining Co. soared 9.04 percent and Mag Silver Corp. surged 8.17 percent.

The price of iShares was up 5.54 percent, while Sprott Physical Silver Trust jumped 4.26 percent and Global X Silver Miners was up 4.96 percent.