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May 27, 2024
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Precious Metals

Metals Stocks (Some Precious) Now Turning Up From 2023 Lows

These metals and mining stocks turned upward late in 2023 and, with the price of gold at or near highs, may be set to reward investors. Past performance is no guarantee of future results, of course, but existing shareholders are probably feeling okay.

5 Metals Stocks In Up Trends.

Agnico Eagle is headquartered in Toronto, Ontario, Canada with precious metals mining operations around the world. Founded in 1957, the market capitalization today is $27.12 billion. The stock trades with a price-earnings ratio of 10 and at 1.37 times book value.

On the daily price chart below, the red-circled area indicates the pre-Christmas crossover of the 50-day moving average (the blue line) to above the 200-day moving average (the red line). Note that the price took out the mid-July high and continues to trade above that level.

BHP Group is active in the industrial metals sector such as iron ore, nickel, potash and copper. Based in Australia, the NYSE-listed ADR is trading with a price-earnings ratio of 12. Market cap comes to $173 billion. The company pays investors a dividend of 4.56%.

The stock crossed above its mid-July resistance level in December and took over higher after the 50-day crossed above the 200-day moving average (red-circled on the daily price chart, below).

B2Gold is Vancouver, British Columbia-based, trades on the Amex and has a market capitalization of $4.11 billion. The company has gold production, development and exploration projects in Canada and globally. It trades at 1.06 times book with a price-earnings ratio of 12.29.

The stock is not moving with the strength of the above 2 metals stocks, but it’s upward in trend from the October low of $2.75 to today’s $3.16. Note that B2Gold peaked above the 200-day moving average in early December.

First Majestic Silver is another Canadian miner and another with corporate headquarters in Vancouver, British Columbia. The company owns and operates producing gold and silver mines in Mexico. The market cap is $1.76 billion, the forward p/e is 22 and it trades at 1.32 times book.

The stock has recovered from the early November drop which took it down to $4.40. Now trading at $6.15, the up trend has taken the price above both the 50-day and the 200-day moving averages.

Gatos Silver is headquartered in Vancouver, British Columbia and produces and develops mines in Mexico’s silver mining areas. The stock has a market cap of $452 million and trades at 1.28 book value. Gatos is relatively lightly traded for an NYSE stock with an average daily volume of 343,000.

In late November, the price broke above the September resistance level of $6.10 and currently goes for $6.54 after peaking earlier in December up at just under the $7.40 level. Note that the 50/200-day moving average crossover took place in early November. The daily price chart is here:

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