So many mining stocks experienced large upticks in the last year. The pandemic created a wonderful situation for investors of mining stocks. In the third week of January, the price of gold is at $1870, slowly pulling towards back above $1900 per ounce. In the first week of January, that $1900 per ounce price was achieved. Now the Presidential Inauguration has happened and it seems to have made metal prices slightly go up. There are actually plenty of things that are impacting the price of mining stocks at the moment. The main thing allowing precious metal prices to hold on is the COVID pandemic that is still growing fast in numbers every single day. Sure, there is a vaccine being distributed but it is not being distributed fast enough for the virus to go away yet.
Recently President Joe Biden released a $1.9 trillion economic recovery plan. This type of plan could potentially bring the price of the dollar down temporarily. In turn this would help mining stocks perform better. There are plenty of things to look for when investing in mining stocks. The first of which is world news, such as election and pandemic related things at the moment. Sector advancement is also important, such as precious metal prices. Third could be volume, which often indicates the direction in which a mining stock is moving. Some think that mining stocks do not have potential due to the volatility at the moment. But this is incorrect, as there are plenty of mining stocks that are trending in the market right now. As we continue through the third week of January, let’s have a look at four mining stocks that are performing well at the moment.Top Mining Stocks For Your Watch List
- MAG Silver Corp (NYSE: MAG)
- Compañía de Minas Buenaventura S.A.A. (NYSE: BVN)
- SSR Mining (NASDAQ: SSRM)
- Cameco Corporation (NYSE: CCJ)
First up on this list is MAG Silver Corp. MAG Silver is a corporation that will obtain land, explore it, and progress mineral properties. The company’s minerals searched for are silver, gold, lead, and zinc deposits. It currently has a 44% interest in the Juanicipio project in Mexico. This project is a 56% / 44% joint venture with Fresnillo plc. What has MAG Silver’s performance looked like in 2021 so far, you may be wondering. Let’s take a look.
As of January 20th, this mining stock is at $19 a share on average. MAG stock has gone up in the last month. Although, it did reach much higher in the first week of January. It was a common theme for mining stocks to increase in week 1 of January and then fall back down in the second week. But in week 3, MAG stock is pulling ahead once again. Apart from appointing some new staff, the company has not released any recent updates. It will be interesting to see the future advancement of the company.
Next up on this list is Compañía de Minas Buenaventura S.A.A.. Compañía de Minas Buenaventura S.A.A. is a precious metal company that will explore, mine, and process various different minerals. These include gold, silver, lead, zinc, and copper metals. Its mining operations take place in the United States, Europe, Asia, and Peru. It owns a variety of mines in all of these places. Compañía de Minas Buenaventura also produces manganese sulphate for use in agricultural and mining industries, as well as providing electrical transmission services. Now let’s see its 2021 momentum so far.
Like many other mining stocks, BVN stock price experienced an uptick in the first week of January and then fell lower. The most recent company updates have just been staff appointing related. So it is likely that the movement of BVN stock is a result of precious metal prices moving upwards and downwards in the market. For now, we wait for another large update to come from Compañía de Minas Buenaventura in the future.SSR Mining
Next up on this mining stock list is SSR Mining. SSR Mining is a resource company that acquires land, explores it, develops it, and operates metal resource properties as well. Primarily, SSR will search for gold and silver deposits. Some of its projects include the Marigold mine that is located in Humboldt, Nevada, the Seabee Gold Operation in Canada, and the Puna Operations in Argentina. SSR mining has seen some positive performance, so let’s see where the company is at now that 2021 has arrived.
On January 19th, SSR Mining released its 2020 production guidance and a full year 2021 outlook. In this, SSR announced that its four operating assets produced 711,000 gold equivalent ounces, with 220,000 alone being in the fourth quarter. The company now expects to produce 720,000-800,000 gold equivalent ounces at about $1,050-$1,110 per ounce. The President and CEO of the company, Rod Antal stated, “2020 was a transformational year for SSR Mining as we successfully completed and integrated the merger with Alacer Gold, delivered a number of value-enhancing catalysts, and navigated the challenges presented by the COVID-19 pandemic.” That is the latest update from the mining company.Cameco Corporation
The final company on this list is Cameco Corporation. Cameco is a mining company that primarily produces and sells uranium. Its two segments of the company are uranium and fuel services. The company’s uranium section will mine, mill, and purchase or sell uranium concentrate. Cameco’s main uranium property is the Cigar Lake property located in Canada. Its fuel services section will refine, convert, and fabricate uranium concrete, and purchase or sell conversion services.
[Read More] Top Mining Stocks To Watch In Mid January
In the last 5 months, CCJ stock has gone from $10 a share on average to now being at $12.50 a share on average on January 20th, 2021. This company experienced similar momentum to other mining stocks at the moment mentioned above. The company intends on releasing its fourth quarter results from 2020 on February 10th 2021. That is likely when we will see the next price movement for Cameco Corporation aka CCJ stock.