Benzinga | Jul 21, 2020 11:06AM EDT

Why Wheaton Precious Metals Is Trading Higher Today

Wheaton Precious Metals (NYSE:WPM) shares are trading higher after the price of silver reached a six-year high and the price of gold reached an all-time high.

Wheaton Precious Metals is a precious metal streaming company. The company has entered into over 20 long-term purchase agreements with 17 different mining companies, for the purchase of precious metals and cobalt. It has streaming agreements covering approximately 19 operating mines and 9 development stage projects. The company's projects include Vale's Salobo mine and silver streams on Glencore's Antamina mine and Goldcorp's Penasquito mine.

Wheaton Precious Metals shares were trading up 4.27% at $51.56 during the time of publication on Tuesday. The stock has a 52-week high of $51.83 and a 52-week low of $18.66.