Gold and Silver Stocks Regain Their Luster
Between Election Day and the end of the year, physical gold and silver, along with the miners that produce these precious metals, were absolutely clobbered. For instance, physical gold, which hit an overnight high of $1,340 per ounce once it appeared Donald Trump was on the path to securing a win, tumbled to the $1,120s per ounce in late December. In fact, gold wound up falling for seven straight weeks post-election, marking its worst downturn in 12 years.
However, the new year has brought new luster to physical gold and silver, as well as its underlying precious metals. Here’s a snapshot of some of today’s biggest moves:
- First Majestic Silver (NYSE: AG): up as much as 15%
- Coeur Mining (NYSE: CDE): up as much as 13%
- McEwen Mining (NYSE: MUX): up as much as 13%
- IAMGOLD (NYSE: IAG): up as much as 11%
- Northern Dynasty Minerals (NYSEMKT: NAK): up as much as 10%
- Alamos Gold (NYSE: AGI): up as much as 13%
Today alone, physical gold is higher by nearly $17 per ounce, to $1,180, which would mark a better than one-month high in the yellow metal. Silver’s move is a bit more modest, with a $0.14 per ounce increase (just below 1%) to $16.55 per ounce.