Why Are Precious Metals Miners Rallying? 5 Mining Stocks To Watch
Portfolio Pulse from Piero Cingari
Precious metals miners' shares rallied on Thursday, with the VanEck Gold Miners ETF (GDX) posting a 1.2% rise and several mining stocks reporting solid gains. The unexpected surge in unemployment claims sparked fears about a weakening labor market, triggering positive reactions for gold and silver mining companies.
June 09, 2023 | 1:09 pm
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VanEck Gold Miners ETF (GDX) rose 1.2% on Thursday as unemployment claims surged, sparking fears of a weakening labor market and boosting gold and silver mining companies.
The unexpected surge in unemployment claims led to fears of a weakening labor market, which in turn triggered positive reactions for gold and silver mining companies. As GDX tracks the industry, it directly benefited from the rally in mining stocks, posting a 1.2% rise for the session.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
SPDR Gold Trust (GLD) gained 1.3% on Thursday as unemployment claims surged, sparking fears of a weakening labor market and boosting gold and silver mining companies.
The unexpected surge in unemployment claims led to fears of a weakening labor market, which in turn triggered positive reactions for gold and silver mining companies. As GLD tracks the price of gold, it directly benefited from the rally in gold prices, posting a 1.3% gain for the session.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
iShares Silver Trust (SLV) climbed 3.7% on Thursday as unemployment claims surged, sparking fears of a weakening labor market and boosting gold and silver mining companies.
The unexpected surge in unemployment claims led to fears of a weakening labor market, which in turn triggered positive reactions for gold and silver mining companies. As SLV tracks the price of silver, it directly benefited from the rally in silver prices, posting a 3.7% gain for the session.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100