NEW YORK (TheStreet) -- Shares of Silver Wheaton Corp. (SLW) are surging, up 7.28% to $21.37 in afternoon trading on Monday, as precious metal stocks are rallying after Swiss voters overwhelmingly rejected proposals to boost the country's gold reserves.
Spot silver prices are up 7.19% to $16.56 per ounce today.
Swiss voters rejected the proposal on Sunday to lift central bank gold holdings to 20% of its forex reserves.
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Canada-based Silver Wheaton is a mining company that primarily sells silver. Its subsidiaries include Silver Wheaton Ltd. and Silverstone Resources Corp.
Separately, TheStreet Ratings team rates SILVER WHEATON CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SILVER WHEATON CORP (SLW) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and premium valuation."