Mining Stocks Take A Hit After Precious Metal Prices Cool From Highs — Schiff Calls It ‘Irrational Pessimism’

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Precious metal mining stocks, including Hycroft Mining and Fortuna Silver Mines, slid lower on Wednesday after gold and silver pared gains from their record rallies.

  • Peter Schiff called the dip “irrational pessimism” in an X post on Wednesday.
  • Schiff added that already “deeply undervalued precious metals mining stocks” are down because gold and silver prices cooled from overnight record highs. 
  • Spot gold rallied to an all-time high of $4,525.19 earlier in the day, while spot silver hit an all-time high of $72.70.

Precious metal mining stocks slid lower on Wednesday after gold and silver pared gains from their record rallies earlier in the day.

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Economist and gold bull Peter Schiff called the dip “irrational pessimism” in an X post on Wednesday, adding that the day’s drop does not wipe out Tuesday’s gains.

Mining Stocks

Hycroft Mining Holding Corp. (HYMC), McEwen Mining Inc. (MUX), Coeur Mining Inc. (CDE), and Fortuna Silver Mines Inc. (FSM) were among the stocks trading in red.

“Already deeply undervalued precious metals mining stocks are off sharply this morning because gold and silver pulled back from overnight record highs,” Schiff said.

Shares of HYMC fell over 10% on Wednesday morning at the time of writing, while MUX stock slid nearly 4%. Meanwhile, shares of CDE declined by more than 4%, and FSM stock was down almost 2%.

Precious Metals Pullback

Spot gold (XAU/USD) prices slid lower on Wednesday morning after rallying to an all-time high of $4,525.19 earlier in the day. Spot silver (XAG/USD), which had a record-breaking run in December, hit an all-time high of $72.70 before sliding lower.

However, Wall Street expects precious metals prices to rise. Recently, Yardeni Research raised its gold outlook and lifted the 2026 target price to $6,000 an ounce, citing rising macro and policy concerns. The firm predicted that gold prices could reach $10,000 by 2029. JPMorgan also predicts gold reaching $5,000 an ounce by late 2026, driven by sustained investor and central-bank demand.

Meanwhile, the SPDR Gold (GLD) was down around 0.7% at the time of writing. Retail sentiment on Stocktwits surrounding the ticker remained in the ‘bullish’ territory over the past 24 hours, and message volumes stayed at ‘extremely high’ levels.

iShares Silver Trust (SLV) was also trading 0.7% lower with retail sentiment in the ‘bullish’ territory over the past 24 hours and message volumes at ‘extremely high’ levels.

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