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Fortuna Digs to Find Its Footing

Christopher Barker
May 11, 2012

After suffering an abrupt fall that interrupted an impressive upward trajectory, shares of Fortuna Silver Mines (NYSE: FSM  ) are clearly taking a moment to find their footing. A welcome 132% increase in net income for the first quarter provided a small boost this week, but severe damage takes time to heal.

Without question, silver miners as a group are likewise trying to gain a foothold here in 2012 and stage the sort of climb that has typified this bull-market cycle for precious metals. Silver has only lost a sliver so far this year, while the performance of the Global X Silver Miners ETF suggests that miners on average have shed roughly 14% year to date. Endeavour Silver (NYSE: EXK  ) has moved with the pack, while Pan American Silver (Nasdaq: PAAS  ) has turned