Top Mining Stocks To Watch This Week
There are so many factors that are affecting mining stocks at the moment. But where did it all start? Mining assets pulled back like the rest of the market last year. But unlike other sectors, mining stocks began to explode in value. The result was metals like gold and silver reaching new record high prices in their respective markets. But where does that place the top mining stocks to watch in 2021?
Jobless claims are something that often affect the direction in which mining stocks are moving in the market. This is because currently the economy is in a bad place and unemployment is near all time highs. Well, a preview for jobless claims has been released now on April 7th, 2021. These are not the final numbers but these are the main metrics expected from the report. Jobless claims week ending April 3rd were at 680,000 compared to 719,000 the previous week. Continuing claims ending March 27th increased.
It is clear the unemployment is still prevalent despite the drop in new jobless claims. As a result it shows the economy is still not in the right place to recover at the moment. Or is it? This could be temporary until reopening takes full effect and lots more people are vaccinated. Many are riding the unemployment wave as long as they have to until a job is needed again. So it will be interesting to see how jobless claims continue to affect the market of mining stocks as the year continues. Mineral prices, sector changes, and many other things are also affecting these assets. At times, they can be highly volatile. So let’s take a look at a few hot mining stocks that are showing higher market performance at the moment.
Top Mining Stocks To Watch
- Gerdau S.A. (NYSE: GGB)
- Western Copper and Gold Corporation (NYSE: WRN)
- Great Panther Mining Limited (NYSE: GPL)
This first mining stock to watch has been showing a great amount of market performance, and it is Gerdau S.A. Gerdau is basic materials company that offers steel products and services in both the United States and Canada. Gerdau additionally operates out of Brazil. It offers semi-finished products like billets, blooms, and slabs. Gerdau S.A. also produces long rolled products like wire rods, rebars, and other metal products. This also includes fence wires, fences, and concrete reinforcing wire mesh.
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This is one of those mining stocks that is likely moving because of things like jobless claims. The price and demand for steel products is also what affects this company. GGB volume is more than three times higher than normal at the moment. This could mean something big is coming for Gerdau S.A. GGB stock price went up nearly 2% on the day of April 7th. In the last 6 months, this steel stock has gone up 6% in the market. Could this be fueled by market prices, world news, positive financials, or even something like retail traders? Time will tell what is fueling the uptick of this hot mining stock.
Western Copper and Gold Corporation
This next mining stock is also seeing a higher volume than normal, although on a smaller scale than GGB. Western Copper and Gold Corporation is a mining company that will engage in the exploration and development of various mineral properties. These mineral properties are all located in Canada. The company searches for copper, gold, and molybdenum deposits. Its main property, the Casino mineral property, has 1,136 full and partial quartz claims and 55 placer claims.
Recently Western Copper and Gold filed its Form 40-F and annual filings to the U.S. Securities and Exchange Commission. It also recently announced exploration results from its Casino Project, in Yukon Territory, Canada. Paul West-Sells, President and CEO announced that, “The deposit core has significantly higher grades than the rest of the deposit and they persist from a few metres below the surface to greater than 200 m depth over a sizable area.”
WRN stock price has over doubled in a single year as a result of rising metal prices and high company performance. Copper in particular has been a hot commodity to traders as a result of electric vehicles. Many pounds of copper are used when making things like electric cars, electric busses, and other forms of this technology. As a result when EV stocks are going up, it can often affect copper stocks as well. With Western producing gold too, it saw positive performance attributed to it being a gold stock as well.
Great Panther Mining Limited
While this mining stock is not seeing higher than average volume, it has grown significantly in the last year. Great Panther Mining is a corporation that explores for silver, gold, lead, copper, and zinc ores at various mineral deposits. Great Panther’s mines comprise of the Tucano gold mine in Brazil, numerous properties in Mexico, among others. The company recently announced its open-pit drill results for its Tucano Gold Mine located in Brazil.
It announced that its interpretation of the controls on the mineralization at TAP C1 will be a key step forward at the open pit drill. Rob Henderson, Great Panther’s CEO and President commented, “The new geological model will now be used to plan ongoing drilling at TAP C1 and be extended to the adjoining areas in TAP C. With this additional work, we are confident that we will be able to include TAP C in the next open pit mineral resource statement for Tucano.”
In its previous earnings report, Great Panther met estimates and reduced its consolidated all in sustaining costs by 23% in the fourth quarter of 2020. For the entire year, it reported record mine operating earnings, record adjusted EBITDA, and record cash flow from operating activities. So it is no surprise that GPL stock has gone up as a result of all of its positive momentum throughout 2020, driven by higher mineral prices. GPL stock was at $0.38 a share one year ago. On April 7th, the mining stock is at $0.80 a share, more than double its one year ago counterpart. Its role as a silver stock and gold stock has helped the company because of rising metal prices.
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