top mining stocks to watch now

Metals May Be Pulling Back But These Mining Stocks Continue To Trend Higher

The general market trend for mining stocks is that when broader S&P names climb, precious metals, mining, and gold stocks tend to fade. However, this week we’ve seen a few contributing factors trigger less bearish sentiment when it comes to the mining industry. A lot of this has to do with the fact that there are few details available on the latest “Phase 1” deal between the U.S. and China.

There are other global events that could underpin a more bearish case for stocks. This could be good for things like gold and safe have investments. Right now, gold trades around $1,475 an ounce, which is up considerably from where it was trading for the better part of the last few years.

Though it’s still below its all-time high of just over $1,900, it still begs the question of what’s next. We’re still seeing uncertainty in the global financial realm as Bolivian bank ratings were recently cut. Meanwhile, one of the largest global currencies, oil has seen tepid conditions this month. It has followed a trend of declining margins around the world as well.

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“All regions continue to see margins grinding lower, with Asia seeing negative margins, whilst in North-West Europe, margins are flirting with negative territory. The longer these weak margins persist, the more likely we will see them starting to weigh on refinery run rates, which would obviously be negative for crude oil demand,” reported ING, the Dutch-based financial firm.

Mining Stocks To Watch Right Now: Hecla Mining (HL)

mining stocks to buy Hecla Mining (HL)

Hecla (HL Stock Report) has been one of the top-performing mining stocks since the start of summer this year. Shares have rallied from lows of $1.21 to highs of $3.10 this week. It’s also one of the top-performing mining stocks this week.

Despite a pullback for some gold stocks, Hecal has remained solid, trading in a tight range to start the week. According to InsiderMonkey, Hedge funds may start getting optimistic about the stock.

As of September’s filings, HL stock was found in 10 hedge fund portfolios. Renaissance Technologies was the largest holder of Hecla. Its stake weighed in at $8.8 million as of a September report. Citadel also holds a large stake with over $5 million in value at that time. Assuming the current climate for silver, gold, lead, and zinc, Hecla could remain well-positioned to take advantage of rising prices.

Mining Stocks To Watch Right Now: Teck Resources Limited (TECK)

Teck Resources Limited (TECK)

Unlike Hecla, Teck Resources (TECK Stock Report) had a rough year in 2019. Shares have fallen from nearly $26 to lows of almost $14.50. This week TECK stock has managed to perform better than the broader mining sector stocks.

In fact, it was one of the few in the green during the afternoon session on Monday. Since December 3, the stock has climbed by more than 15% reaching new highs of $17.48 for the month. What helped push the market came from the analyst community.

[Read More] Best Mining & Gold Stocks To Watch This Week; 1 Up Over 115%

This week, Citigroup raised its rating on the stock. Prior to this, the firm rated Teck at Neutral but raised that to “Buy” this week. On top of that, Citigroup also increased its price target from C$25 to C$27. An end to a recent strike in Chile has boosted sentiment around the company. Some 473 workers had been on strike at the Teck Carmen de Andacollo Operations in Chile. The company put a new, 36-month agreement in action. As a result, the “lights are back on” for that project.

Mining Stocks To Watch Right Now: Texas Mineral Resources (TMRC)

mining stocks to watch Texas Mineral Resources (TMRC)

The first stock on this list of mining stocks to trade below $1, Texas Mineral Resources (TMRC Stock Report) had a great month so far. In fact, TMRC stock has enjoyed on milestone year to date. At the start of 2019, the company’s stock traded around $0.23; it even saw lows of $0.12 in May. Since then, shares have rocketed to new 52-week highs of $0.638 this week.

The company focusses on heavy rare earth metals. This week the company announced that it began a pilot process development facility in Colorado. It was conducted in tandem with USA Rare Earth LLC, the company’s funding and development partner.

“The Denver area has long been the center of mineral technology for the United States and offers excellent infrastructure and support for the mining industry,” said Dan Gorski, CEO of TMRC and Round Top Project Manager for USA Rare Earth. Something else to note is that it was reported by Reuters last week, the U.S. Army is looking to fund the construction of rare earths processing facilities. It’s the first time the government would be making such a move since the Manhattan Project.

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