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Why Comstock Mining Stock Skyrocketed 122% Today

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Why Comstock Mining Stock Skyrocketed 122% Today

Comstock Mining Inc (NYSE: LODE) stock shot up nearly 122% in the regular and after-hours session on Monday.

What Happened: The Nevada-based gold and silver mining company benefitted from the momentum in Silver on Monday. 

Volumes stood at 320.86 million, while the average volume for Comstock Mining is 603,926.

See also: How to Invest in Gold

Spot silver traded 1.19% lower at $28.67 at press time, while March 21 silver futures traded 1.86% lower at 28.87. 

The iShares Silver Trust (NYSE: SLV) closed 7.08% higher at $26.76 on Monday.

Why It Matters: Comstock Mining is not on the radar of r/WallStreetBets — the Reddit forum behind the short-squeeze rally in stocks of GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), Blackberry Ltd (NYSE: BB), and Nokia Oyj (NYSE: NOK). 

Silver prices rose to an 8-year high of over $30 an ounce, due to speculation of a retail investor-led short squeeze frenzy in the precious metal.

See Also: Silver Futures Shoot Up 5% As WallStreetBets Seeks Short Squeeze

However, the rally in silver slowed as doubts emerged on the ability of retail traders to move prices in the liquid commodities market, reported Reuters.

Stocks on the radar of the WallStreetBets traders cooled down in the after-hours session on Monday.

First Majestic Silver Corp (NYSE: AG) was 4.25% lower at $21.18 in the after-hours after closing 22.14% higher. Hecla Mining Company (NYSE: HL) ended nearly 0.3% lower in after-hours trading after closing 28.3% higher at $7.30. Fortuna Silver Mines Inc (NYSE: FSM) fell 0.55% in the after-hours session to $9.08 after closing 17.35% higher at $9.13. 

Price Action: Comstock Mining shares closed 116.91% higher at $2.95 on Monday and rose 5.08% to $3.10 in the after-hours session.

 

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