Are Metal Prices Going To Stay This Way?
It is no surprise that metals like gold and silver have drastically increased in price this year. The pandemic caused serious trouble for the economy. Whenever the economy is bad, the price of these metals, especially gold, will go up due to it being used as a physical asset as opposed to money.
The US labor market continues to see improvement as fewer people apply for unemployment in November. This is good news after millions of lost jobs as a result of the pandemic. On November 12th, the US Labor Department stated that weekly jobless claims fell by 48,000 to 709,000. The initial consensus was that the number would be around 730,000, so this is better than expected. The four-week moving average for new claims fell by 33,250 as well.
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Despite this new data, the gold market has not moved very much at all. On November 12th gold futures are only up 0.5%. Another thing impacting the price of gold and other metals recently was the election. Through the post-election, the dollar has lost some value or is expected to lose more. This causes gold and silver prices to go up as well. Even when the market is not moving much, there can be some great mining stocks to watch. Let’s now take a look at some mining companies that are high performing in 2020.
Top Mining Stocks To Watch In November: Walcott Resources Ltd.
The first company to discuss on this list is Walcott Resources Ltd. (OTC:WALRF Stock Report) (CSE:WAL). Walcott is a silver and gold mining company, which also looks for other resources too. The company has been able to make some great advancements despite the pandemic causing struggles. Its primary project is the Tyr Project located out in Australia, which will look for silver primarily. The company recently announced its plan to speed up the process at the Tyr Project by looking at its prospective silver goals, and accelerate the drilling program at its locations on the property.
Walcott reported that it sees exploration potential at the Century South silver and zinc project (CSSZP) in which it recently acquired. This project is located in the prospective Mt. Isa Basin, in Australia. The company stated that the 277 square km property is in a highly prospective region that actively hosts many world class silver-zinc-lead and copper deposits. The thing is, much of the region has not yet been explored. That is where Walcott comes in. Walcott’s CSSZP is reported to see similarities in the magnetic and density geophysical characteristics between the CSSZP and Century Mine.
This implies that the geology may be comparable when it comes to mining. Now, Walcott will complete a site visit and begin a surface sampling campaign based around the prospective regional fault. In regards to this news, the CEO of Walcott David Thornley-Hall stated, “Accordingly, our Australian technical team have set an ambitious agenda to swiftly and effectively advance towards drillable targets within the tenure.”
Now it will be interesting to see what data the company finds in its site visit.
Top Mining Stocks To Watch In November: Coeur Mining Inc.
Next up on this list is Coeur Mining Inc. (CDE Stock Report). Coeur Mining is a mining company that explores, develops, and produces gold, silver, zinc, and lead properties. It actively holds an interest in the Palmarejo mine, Rochester mine, Kensington mine, Wharf mine, and many more all over North America. The company holds nearly 250,000 net acres of total land. Let’s see what Coeur Mining Inc. is up to in recent times.
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The most recent news from Coeur Mining is its financial results for the third quarter that were announced on October 28th, 2020. First up, Coeur reported a revenue increase of 49% year over year, which are its highest quarterly financial results in just about 10 years. Its adjusted EBITDA more than doubled during the quarter too.
Coeur’s gold production increased 23% to 95,995 ounces, and its silver production rose 58% to 2.6 million ounces. Despite being negatively affected by the COVID-19 pandemic, this company was able to hold its ground. Many of these numbers are record numbers for the company. In the last 6 months, CDE stock price went up nearly 100% in shares.
Top Mining Stocks To Watch In November: SilverCrest Metals Inc.
The next mining stock to watch in November is SilverCrest Metals Inc. (SILV Stock Report). SilverCrest Metals is a mining company that will actively acquire land, explore, and develop different properties. These properties focus on precious metals and are located in Mexico. Its main resources searched for are silver and gold. Currently, it runs the Las Chispas project holding 28 concessions totally 1400.96 hectares, in Sonora, Mexico.
On November 5th, the company announced new high grade discoveries at this Las Chispas project. The company’s El Muerto is estimated to have a high grade footprint of 500 meters along strike, and is 100 to 200 meters under the present resource in the Babicanora Vein. This shows potential for high grade mineralization in a new lower horizon at the moment. On November 12th the company announced its financial results and highlights as well.
The company stated here that it completed 146,000 meters of in fill and expansion drilling at the Las Chispas project mentioned above. The company’s cash and cash equivalents increased year over year due to financing activities, such as a private placement form back in April, and two private placements with SSR Mining Inc. (SSRM Stock Report) from early this year as well.
Top Mining Stocks To Watch In November: Avino Silver & Gold Mines Ltd.
The final company is Avino Silver & Gold Mines Ltd. (ASM Stock Report). Avino is a mining corporation that will acquire land, explore it, and advance on mineral properties. Most of its land is held in Canada and Mexico. Avino looks for silver, gold, and copper deposits on its 42 mineral claims and four leased mineral claims. It holds interest in the Avino mine, Gomez Palacio property, Santiago Papasquiaro property, and more. Let’s dive into the company’s recent news.
As you know, it is third quarter earnings season and Avino’s have arrived as well. The company’s revenue fell 61% to $2.7 million against 2019’s third quarter primarily due to struggles caused by the current world climate. Another issue for the company was the strike action at the mine by the Avino’s unionized workers. The CEO David Wolfin said, “In October, we were pleased to announce that an agreement had been reached and the strike at the mine had ended. Currently, we are working towards restarting production and mining operations.”
[Read More] Top Mining Stocks To Watch In November 2020
Its mine operating income did increase by 7% year over year though. While the ASM stock price went up before the results were announced, it fell shortly after the announcement. If the CEO’s claims are true and the strike is over, its mines can continue operating as normal. This could potentially allow for better performance in the next quarter, but only time can tell if this will be the case.
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