Russell 2000 stocks jumped early Monday to rebound from a tough week last week — the indexes biggest weekly drop since the start of the year. Metals exchange A-Mark jumped to lead precious metals and gold miner stocks, which posted modest gains Monday morning. Meanwhile, bitcoin miners Marathon Digital, CleanSpark (CLSK) and Riot Platforms (RIOT), advanced as bitcoin topped $72,0000.
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On the heels of last week’s decline, the Russell 2000 posted a 1.8% for the year through Friday. However, it trails the Nasdaq’s 8.2% rise and the S&P 500’s 9.1% advance
Gold Stocks Climb
A-Mark Precious Metals (AMRK) leapt 7.2% Monday morning with gold prices near record highs. The precious metals exchange owns sliver.com and acquired the gold.com domain on March 11 through its subsidiary JM Bullion.
Gold prices have soared around 12% this year so far and topped $2,300 per troy ounce. Meanwhile, The June gold delivery contract sits near a record high, topping $2,300. Gold futures have gained about 27% since the Oct. 6 low.
AMRK stock jumped 6.5% Friday to push above its 200-day moving average. Shares advanced 8.2% in 2024, but remain 29% below their high set last year in July.
Barrick Gold (GOLD), Newmont (NEM), Franco-Nevada (FNV) and Agnico-Eagle Mines (AEM) climbed about 1% in early trade Monday.
The SPDR Gold Shares ETF (GLD) also ticked slightly higher. GLD shares are extended above a buy zone following a March 1 breakout from a double-bottom base. The SPDR Gold ETF rallied 12.5% so far this year and is trading at record highs.
Bitcoin Sparks Miner Rally
Elsewhere, bitcoin surged about 4.2% over the past 24 hours to jump to $72,300 Monday morning, prompting a rally for bitcoin miners. The cryptocurrency on March 14 hit a new all-time high of $73,798 but has struggled to maintain that level.
Marathon Digital (MARA) gained 6.7% early Monday and is tracking toward its first advance after five straight daily declines. Shares have fallen about 42% from their March 1 high of 34.09.
IBD 50 issue CleanSpark spiked 8.2% Monday morning. CLSK stock is eying a rebound off its 50-day moving average after declining the past eight trading sessions. Still, CleanSpark rallied more than 41% year-to-date.
Riot Platforms advanced 5.6% Monday, on track for two consecutive gains after adding a fraction Friday. RIOT stock fell for four consecutive days prior to Friday’s rise. Shares tumbled 34% so far this year and are trading below their key moving averages.
Meanwhile, the upcoming halving event scheduled for around April 20 should drive bitcoin higher in 2024.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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