The correction was due, and precious metals have obliged. A bit too much maybe, but they seem to be finding support around crucial levels. It is too early to be sure, but it is possible that they may rebound a bit to consolidate. If the supports do not hold, then the stocks may even test recent lows. Coeur has lost all the gains made in August, and has corrected by nearly 25% from the highs made at the end of August. The volatility has been high. Gold has corrected by around 7% from the highs, and silver has done much worse. That has dampened the sentiments a bit. Most stocks of mining companies have declined and are near recent lows. The taper – no-taper news has only added to the volatility. However, analysts are relatively more positive despite the correction. Even for Coeur, Scotiabank & Zacks have upgraded the stock. Scotia bank increased the target price from $5 to $6, and Zacks has a price target of $13.50. Analysts at Raymond James, which initiated coverage on Coeur recently, have put an outperform rating for the stock with a price target of $18. The average target price is just below $20. Even smaller companies like Pershing Gold (PGLC) have been able to obtain funding at market price with its Director Barry Honig making significant investments. This indicates that apart from the analysts, even the managements are a bit optimistic about the fact that the June lows may hold even if the correction runs deeper. The good part is that all companies, including Coeur, have become more conscious about the cost, and the rationalization efforts are already showing results. Further, Coeur recently announced a 91.5% and 96.4% increase in estimates for mineral reserves for silver and gold at its Nevada-based Rochester mine. If silver rebounds from current levels, then the medium to long term outlook for Coeur may improve.