Why Pan American Silver Stock Sank 12% on Aug. 11

Why Pan American Silver Stock Sank 12% on Aug. 11

Silver and gold miner Pan American Silver (NASDAQ: PAAS) fell as much as 12% on Aug. 11. It recovered a few percentage points before starting to fall anew in the early afternoon, resting at around a 12% loss at 2 p.m. What soured investors on the shares was most likely an update from Deutsche Bank. CEO Michael Steinmann started Pan American Silver's Aug. 6 second-quarter earnings conference call by explaining that "the global COVID-19 pandemic had a significant impact on our operations over the second quarter."