Quantcast
Why Mining Stocks Surged Double Digits Yesterday | The Mesh Report

Why Mining Stocks Surged Double Digits Yesterday

The Gold Enthusiast October 6, 2020 Comments Off on Why Mining Stocks Surged Double Digits Yesterday

What happened

Precious metal and rare earth mineral miners surged as much as 20% today. Shares of New Gold (NYSEMKT:NGD) and PolyMet Mining (NYSEMKT:PLM) remain up 12% and 13%, respectively, and Northern Dynasty Minerals (NYSEMKT:NAK) shares are up 14%.

The price of gold itself has also been rising recently, and jumped almost another 1% today, to close at a two-week high of $1,920 per ounce.

So what

The rising commodity price isn’t the only reason the miners are moving today. Momentum for these shares started last week after President Trump signed an executive order Wednesday declaring a national emergency in the mining industry, saying it was “particularly concerning” that the United States imports 80% of its rare-earth elements directly from China.

The push to lower dependence on foreign nations for metals now needed for vehicle electrification, wind turbines, and other electronics has boosted miners of rare earth minerals along with precious metal miners. Since the issue of the executive order, these three miners are up between 15% and 20%.

NGD DATA BY YCHARTS

And shares of the smaller Westwater Resources have rocketed up nearly 500% in the past seven days.

Continue Reading At The Gold Enthusiast



Comments are closed.