For a while on Wednesday, it looked as though major stock market indexes would be able to bounce back from some of their recent declines to start 2022. The Dow Jones Industrial Average (DJINDICES: ^DJI), Nasdaq Composite (NASDAQINDEX: ^IXIC), and S&P 500 (SNPINDEX: ^GSPC) were all up at times during the day.
Shares of Pan American Silver (NASDAQ: PAAS), Fortuna Silver Mines (NYSE: FSM), and Coeur Mining (NYSE: CDE) all rose strongly on a bad day for the markets today, up 9.6%, 10.2%, and 8.6%, respectively. In addition, Pan American Silver released its preliminary fourth-quarter production report on Wednesday, and Fortuna released its own report on Tuesday. In the fourth quarter, Pan American mined 19.2 million ounces of silver, versus its guidance of 19 to 20 million ounces.
Bitcoin (BTC) was roughly flat on Wednesday as the cryptocurrency appears to be stabilizing after a near 37% drop from its all-time high. Analysts and traders are still finding value in some altcoins, although broader macro risks remain for all speculative assets.