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Insiders Are Buying Up Gold Stocks. Here’s Why. | The Mesh Report

Insiders Are Buying Up Gold Stocks. Here’s Why.

The Gold Enthusiast May 4, 2022 Comments Off on Insiders Are Buying Up Gold Stocks. Here’s Why.

The price for an ounce of gold has increased by about 6% this year. While that may not be an eye-catching return, gold prices have outperformed both the S&P 500 and the Nasdaq 100 by a wide margin this year. Both indexes have handed investors negative returns this year of roughly -10%.

On Feb. 26, gold prices hit a five-year high of $2,043.94 per ounce. Based on a flurry of recent insider transactions from gold companies, future upside is certainly a possibility.

Insiders Are Buying Up Gold Stocks

On April 26, Augusta Investments, a 10% owner of Augusta Gold (OTCMKTS:AUGG), reported buying 22,500 shares of AUGG at prices between $1.11 and $1.18. Yesterday, Director Richard Warke reported buying $40,760 worth of AUGG stock.

Insiders at Allegiant Gold (OTCMKTS:AUXXF) have also been active. On April 26, Allegiant’s CFO, Sean McGrath, purchased 15,000 shares at an average price of 33 cents per share. The previous day, Director Peter Gianulis purchased 62,500 shares at an average price of 35 cents.

Meanwhile, an insider at Osisko Mining (OTCMKTS:OBNNF) reported buying shares as well. On April 25, Director John Burzynski reported purchasing 5,000 shares at an average price of $3.05 per share. In total, the transaction amounted to $15,235.

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