Silver miners rally as metal recovers after sharp drop from record high

U.S.-listed shares of silver miners extend gains premarket, tracking prices of the white metal GOL/

Spot silver XAG= rises 5% to $75.83 per ounce

Prices hit all-time high of $83.62 on Monday before logging their biggest daily drop since August 2020

"The selloff yesterday had the hallmarks of profit-taking and repositioning ahead of the New Year... buyers are likely returning as the structural conditions of this rally - a weaker U.S. dollar and ongoing geopolitical uncertainty - still remain," said Zain Vawda, analyst at MarketPulse by OANDA

Hecla Mining HL.N rises 3% and Coeur Mining CDE.N climbs 3.1%

U.S.-listed shares of Canadian miners Endeavour Silver EXK.N EDR.TO up 2.6% and Silvercorp Metals SVM.N SVM.TO rises 2.8%

Abrdn Physical Silver Shares ETF SIVR.P and iShares Silver Trust ETF SLV.P rise 4.3% and ~4%, respectively