Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Coeur Mining Inc (CDE -1.62%) jumped as much as 12% today as investors piled back into precious metals.

So what: There wasn't any substantial news out from Coeur Mining today, but its biggest outputs were having a great day. Silver prices have surged 4.7% in trading today to $16.41 per ounce and gold is up 2.3% to $1,202 per ounce.  

Investors also got some confidence to buy Coeur Mining shares after analysts at Scotia Capital upgraded the stock from an underperform rating to a sector perform rating.

Now what: It's been a wild start to the week as investors try to guess whether the Federal Reserve will indicate it's ready to raise interest rates or not. If it isn't, the dollar could continue to fall, making precious metals a safe haven. But that's a trade that has been going on for years, and it's worked against both precious metals and miners in recent years.

I wouldn't be a buyer of Coeur Mining given today's move because I don't see any reason to think precious metals will continue to move higher. And Coeur Mining lost a billion dollars in the fourth quarter alone, meaning the company isn't starting from a place of financial strength if end prices don't move higher. That combination is a recipe for disaster long-term.