4 Mining Penny Stocks For Your Mid-October Watchlist
In the past few days, mining penny stocks and specifically precious metals penny stocks, have been climbing substantially. Usually, when investors talk about precious metals stocks, the main discussion is surrounding those in the gold mining industry. And right now, gold stocks are seeing a great deal of hype. There are a few reasons for this that are worth exploring. For one, right now there is a large amount of inflation occurring in the U.S.
With the price of consumer goods rising substantially in the last year and a half, many investors have turned toward more stable penny stocks. This includes mining stocks and other securities that tend to fluctuate less than others.
In addition to this, if we look at gold, we see that it is historically a safeguard asset. This means that investors turn to it in times of economic turmoil. So, if we consider all of this, the rise of gold stocks begins to make more sense. With all of that in mind, here are four mining penny stocks to watch right now.
4 Mining Penny Stocks to Watch in October 2021
- IAMGOLD Corp. (NYSE: IAG)
- Harmony Gold Mining Company Limited (NYSE: HMY)
- Yamana Gold Inc. (NYSE: AUY)
- New Gold Inc. (NYSE: NGD)
IAMGOLD Corporation (NYSE: IAG)
IAMGOLD Corporation is gold mining stock that managed to climb by roughly 3.2% on October 13th and in the past five days by over 12.8%. This is a company that develops and operates a variety of gold mining properties. The company is involved in the exploration and development of gold, silver, and copper mines. Currently, it owns an interest in the Rosebel mine, Westwood mine, Pitangui project, and more.
Early in August, the company revealed its financial results for the second quarter of this year. For IAMGOLD, which is still recovering from the pandemic and economic troubles of the previous year and a half, the numbers were less than stellar. Revenue for IAMGOLD fell quarter over quarter and year over year alongside lower gross profit and adjusted EBITDA. While it did report a net loss, it does look like gold demand is rising alongside inflation and overall economic concerns.
Despite these negative results, IAG stock has been climbing in the market. Do you believe that the company could make a comeback in the market? Well, IAMGOLD recently announced its third-quarter results release date. These results will be available after the market closes on Wednesday, November 3rd, 2021. This is the next key date to look out for if you plan on buying IAG stock. For now, will IAG be on your list of penny stocks to watch?
Harmony Gold Mining Company Limited (NYSE: HMY)
Harmony Gold Mining Company Limited is another gold exploration, extraction, and processing company that climbed on October 13th. Some of the locations it mines in include South Africa and Papua New Guinea. In addition to…