Coeur Mining: A Fleeting Rally

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The shares of Coeur Mining (CDE +7.21%) stirred today, a modest advance of 7.2% by mid-afternoon. It was a movement, one might say, out of a certain stillness, a week largely spent drifting, far removed from the brighter promise of late January. A small recovery, easily lost, like a forgotten name.

If this upward drift holds, Coeur will find itself once more near the valuation it held a fortnight ago, on the 21st. A return to the familiar, though one suspects the past is never truly regained, only approximated.

A Glimmer of Metal

And gold, of course. It too experienced a resurgence. One wonders if these metals ever truly sleep, or merely feign repose before another restless climb.

Gold had retreated sharply after reaching a peak of $5,419.80 per ounce on January 28th. By week’s end, it hovered near the $5,000 mark, a disheartening descent. Today, however, it breached that psychological barrier, gaining about 2.3% to approach $5,080. A momentary triumph, perhaps, before the inevitable ebb.

Silver fared even better, having suffered a more precipitous fall than gold. At the latest report, it was up 7.3%, closing on $83.50 per ounce. A hopeful sign, though one recalls countless such signs that led nowhere at all.

Coeur Mining, naturally, extracts both gold and silver (and, less prominently, zinc and lead). It is hardly surprising, then, that a surge in the price of these metals should pull its shares upward. A simple correlation, devoid of any grand meaning, yet observed nonetheless.

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A Question of Value

And the matter of whether Coeur’s stock is worth acquiring… that is a question one might pose, though the market rarely offers a definitive answer. As I noted last week, there is a certain… potential, certainly.

Currently priced near 30 times trailing earnings, Coeur’s 2025 earnings are projected to be quadruple those of 2024, and analysts anticipate a further doubling in 2026. A promising forecast, if one accepts the inherent unreliability of forecasts. The stock trades at barely 13 times this year’s estimated earnings. A bargain, perhaps, or merely a reflection of underlying uncertainties.

So long as gold prices continue to rise, Coeur’s stock should, in theory, follow suit. But the market, like life itself, is rarely so accommodating. It moves according to its own obscure rhythms, indifferent to our hopes and expectations. The sun sets, the shares fluctuate, and another day passes, much like the last.

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2026-02-09 22:52