Precious metals stocks performed well yesterday, especially the gold miners. We think that Yamana Gold (AUY) is one of the better plays with momentum on its side as shares are not too far off of a 52-week high. It is one of the more bullish stories in the sector, however we would also like to highlight Paramount Gold & Silver (PZG) which finished yesterday at $2.50/share on volume of 1.7 million shares. During a conversation with our mentor two days ago, he brought up Paramount which is a stock we both follow. The company continues to grow the deposit and he has been eyeing this for some time but only pulled the trigger earlier this week. We mention this because he generally has impeccable timing when it comes to these types of trades.
HMY down, NEM down, GG down, EGO down, RIC down, FCX down, RBY down, AXU down, MUX down. From the giants to the mediums to the juniors all listed above are down. So believe that this is a PZG thing if one wants and believe that most PM miners were up today if one wishes but both are false. And that is just a partial list further searching would have shown more PMs down as well.
So if one wishes, by all means call PZG a piece of crap, but just remember that PZG is in good company when it comes to crap that crap includes GG down 23, EGO down 10, FCX down 23, and NEM down 26.
First off, this is an exploration stock--not a mining stock. All they are producing at this time are promises. Promises that there are X g/t of gold and Y g/t of silver in the land they own. Until someone starts digging there is no guarantee of those values. They are probably pretty accurate, but they don't have anything at this time that they can sell, so the stock price is a speculation based on those drilling reports. There is nothing currently available that should change the speculative value of the stock other than more drilling results (more promises). Until someone shows interest in actually buying the company (or, part of it), the stock won't have anything but speculative value. No one is going to offer to buy it until, at least, the PEA is released, supposedly next month. The person that wrote this artcle apparently believes that that day is getting closer.
all gold miners are up just slightly, or down 1 - 2 %.
probably a good day to accumulate more of your favorites.
They will close the year at yearly highs and approach late February levels.
This stock is a total piece of crap. Hard to tell what will happen to it.