Shares of precious metals stocks are trading higher as gold and silver rise amid a drop in the US dollar following recent inflation data.
Portfolio Pulse from Benzinga Newsdesk
Precious metals stocks are experiencing a rise in share prices as gold and silver prices increase due to a decline in the US dollar following recent inflation data.
September 12, 2024 | 4:40 pm
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POSITIVE IMPACT
Agnico Eagle Mines (AEM) shares are likely to benefit from the rise in gold prices due to a weaker US dollar.
AEM is a gold mining company, and its stock price is positively correlated with gold prices. The weaker US dollar makes gold more attractive, boosting AEM's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
First Majestic Silver (AG) shares are likely to benefit from the rise in silver prices due to a weaker US dollar.
AG is a silver mining company, and its stock price is positively correlated with silver prices. The weaker US dollar makes silver more attractive, boosting AG's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Newmont Corporation (NEM) shares are likely to benefit from the rise in gold prices due to a weaker US dollar.
NEM is a major gold mining company, and its stock price is positively correlated with gold prices. The weaker US dollar makes gold more attractive, boosting NEM's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Wheaton Precious Metals (WPM) shares are likely to benefit from the rise in both gold and silver prices due to a weaker US dollar.
WPM is involved in both gold and silver, and its stock price is positively correlated with the prices of these metals. The weaker US dollar makes these metals more attractive, boosting WPM's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80