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TSX rises on material & energy sector

The broader Canadian equity index remained in green zone for the third consecutive trading session, gaining 81.38 points or 0.40% to close at 20,311.78….

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This article was originally published by Kalkine Media - Canada

The broader Canadian equity index remained in green zone for the third consecutive trading session, gaining 81.38 points or 0.40% to close at 20,311.78. The market was boosted by material and energy sector, which climbed on  the back of rising gold prices. Positive quarterly earnings by various Canadian companies such as Cenovus Energy Inc., Kirkland Lake Gold Ltd., and West Timber Co. also drove up the TSX up.

The TSX composite Base Metal sector went up by 2.08% while the Energy sector gained 0.45%. However, the healthcare sector declined by 2.07%.

One-Year Price Chart; Analysis by Kalkine Group (Source: Refinitiv)

 

Gainers and Losers

 

Actively Traded Stocks

Suncor Energy Inc. was the most actively traded stock with 10.64 million shares exchanging hands, followed by Lundin Mining Corporation with a daily trading volume of 6.47 million, and Kinross Gold Corporation with 5.89 million.

Wall Street Update

The Dow Jones Industrial Average and the S&P 500 both hit record highs on Thursday as the US economy grew steadily in the second quarter, pushing the GDP over its pre-pandemic peak, albeit at a slower rate than experts predicted. The Dow climbed 153.60 points or 0.4 % to 35,084.53, the S&P 500 gained 18.51 points or 0.4% to 4,419.15, while the Nasdaq inched up 15.68 points or 0.1% to 14,778.26.

Commodity Update

Gold regained some resilience and traded at US$ 1,831.20, up 1.75 percent.

Brent Crude Oil climbed 1.75 percent to US$ 76.05/bbl, while WTI Crude Oil increased 1.7 percent to US$ 73.62/bbl.

Currency News

The Canadian Dollar gained some ground against the U.S. Dollar on Thursday, while USD/CAD closed at 1.2444, slide 0.66%.

On July 29, 2021,the U.S. Dollar index corrected for the fourth straight session against the basket of major currencies and closed at 91.88, down 0.48%.

Money Market

The US 10-year bond yield gained some ground and appreciated 2.28% on July 29, 2021, to 1.266.

The Canada 10-year bond yield, also surged on Thursday trade and closed at 1.206, climbed 3.08%.

 

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Top Silver Stocks To Watch This Week

Will These Silver Stocks Go Up? The market for silver stocks has…
The post Top Silver Stocks To Watch This Week appeared first on Gold Stocks to Buy,…

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Will These Silver Stocks Go Up?

The market for silver stocks has been quite an interesting one to watch in the market in recent times. The pandemic caused silver assets to skyrocket in price throughout the last year and a half. The percentage gains for many silver assets were higher than gold stocks. This brought a lot of new investors to the metal that may have overlooked it before. One other recent event also brought a lot of new people to silver investing. You have certainly heard of the GameStop situation where Reddit traders boosted the price of the stock.

Well in early February the same thing happened to silver prices as a result of retail traders according to the mainstream media. But Reddit traders quickly stated that it was not their doing. This caused the price of the metal to pull back. What this did do, was attract a lot of new eyes and investors to silver related assets. The price of silver has been able to remain relatively stable at the moment.

So what else is affecting silver prices? Jobless reports often affect the price of silver and gold. It will be interesting to see the effect that unemployment and the economy has on the metal in the future. There are many great silver stocks to watch at the moment despite the volatility in the market. Let’s take a look at four silver stocks that show market potential right now.

Top Silver Stocks To Watch

  1. First Majestic Silver Corp. (NYSE: AG)
  2. Fortuna Silver Mines Inc. (NYSE: FSM)
  3. Endeavour Silver Corp. (NYSE: EXK)

First Majestic Silver Corp. (NYSE: AG)

First Majestic Silver Corp. is a mining company that primarily focuses on acquisition of land, exploration, development, and production of mineral assets. The company’s biggest projects include silver production in Mexico. Currently, First Majestic has 100% interest in the San Simas mine, Santa Elena mine, and holds interest a variety of other land too.

On August 16th, First Majestic reported its second quarter financial results for 2021. The company’s revenue achieved a new record, at $154.1 million. Its average realized silver price per ounce increased quarter over quarter as well.

President and CEO Keith Neumeyer said, “As a result of the higher revenues, our quarterly dividend increased by approximately 33% when compared to the prior quarterly payment. The mining units generated $29.4 million in mine operating earnings due to strong production and higher realized metal prices.” With this in mind, is AG stock a contender for your list of silver stocks to watch?

Fortuna Silver Mines Inc. (NYSE: FSM)

Fortuna Silver Mines Inc. is a mining corporation with a focus on exploration, extraction, and processing of precious metals. It actively explores for gold, silver, zinc, and lead. Its main properties include the Caylloma and San Jose mines, as well as the Lindero gold project in Argentina.

On June 28th, Fortuna and Roxgold Inc. announced a business combination. President and CEO of Fortuna Jorge A. Ganoza said, “The successfully completed business combination creates a low-cost intermediate gold and silver producer with four operating mines and a permitted development project. The company will benefit from a robust exploration pipeline and expanded presence in the Americas and West Africa, two of the fastest growing precious metals producing regions in the world.”

On September 20th, the company announced changes in its management team. David Volkert retired as the VP of Exploration in Latin America, which goes into effect on September 30th. Other than this, the company has not released a large amount of recent updates. So now it will be interesting to see where FSM stock goes from here. Will you add FSM to your silver stock watchlist?

Endeavour Silver Corp. (NYSE: EXK)

Endeavour Silver Corp. is a silver stock that just went up in the market. This company acquires land, explores it, and develops it. Endeavour works on the processing, refining, and reclamation at its mineral properties. Most of Endeavour’s primary assets are located in both Mexico and Chile. Endeavour for the most part only searches for silver and gold at its mines.

Back in August, the company announced its second-quarter financial results. The CEO of the company, Dan Dickson said, “From a financial standpoint, our Q2 performance was stronger than the respective period last year, as revenue, cash flow and earnings were all higher. However, our operating costs are clearly not where we want them to be. We are working to optimize our operating cost profile in the second half of 2021.”

Endeavour’s metal production grew 80% during the quarter, and its gold production grew 92%. These numbers were in line with Endeavour’s guidance for the year. Its net revenue in the second quarter was up 136% to $47.7 million. Now the company has completed the acquisition of the Bruner Gold Project in Nye County, Nevada. With this in mind, will you add EXK to your mining stock list?

Silver Stocks To Watch

There are plenty of silver stocks to watch in the market in 2021. Some think that there is not an opportunity to invest in silver stocks at the moment, but there are still many companies with potential in the market.

The post Top Silver Stocks To Watch This Week appeared first on Gold Stocks to Buy, Picks, News and Information | GoldStocks.com.

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Precious Metals

Inca One Gold Posts Record Production Figures For August 2021

Records continue to be beat by Inca One Gold (TSXV: INCA), whom this morning reported its best-ever processing results. The
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Records continue to be beat by Inca One Gold (TSXV: INCA), whom this morning reported its best-ever processing results. The firm managed to post record production for the month of August, with production improving 163% on a year over year basis.

Production in August hit 6,838 tonnes, or 221 tonnes per day, the best ever monthly performance for the company. Production occurred at both of the firms plants, and beat the previous record of 6,581 tonnes.

Gold produced came in at 2,309 ounces, while ore deliveries amounted to 6,982 tonnes – which points to the potential for a very strong September for the company as well. Gold production was up 57% year over year, while deliveries improved 131%.

“It validates our business model and operational aptitude that we were able to so quickly and effectively deploy the working capital received from our second Gold Prepayment Facility received in the first week of August,” commented CEO Ed Kelly. “The Company, now armed with sufficient working capital, its only 10% off its record processing pace set in 2018,” he continued.

The results continue to be driven by the working capital the firm was able to access via a $9.0 million gold pre-payment facility. A similar facility drove record results for the firm in the months of May and July earlier this year, with the working capital expected to continue to provide strong results for the firm on a go-forward basis.

Inca One Gold last traded at $0.34 on the TSX Venture.


FULL DISCLOSURE: Inca One Gold Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Inca One Gold Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

The post Inca One Gold Posts Record Production Figures For August 2021 appeared first on the deep dive.

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Precious Metals

O2Gold Intersects 20.11 g/t Gold Over 0.7 Metres At Aurora

O2Gold (TSXV: OTGO) last night reported on its first drill results from its Aurora Property in Colombia. The firm had
The post O2Gold Intersects 20.11…

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O2Gold (TSXV: OTGO) last night reported on its first drill results from its Aurora Property in Colombia. The firm had previously halted trading in its equity due to the assay results received.

The first drill hole reported by the company comes from the Aurora Tunnel within the Main Aurora Vein, where O2Gold encounter 20.11 g/t gold and 3.30 g/t silver over 0.7 metres, within a larger interval of 9.19 g/t gold and 1.89 g/t silver over 1.6 metres. Mineralization was encountered at just 97.4 metres of depth.

The hole, referred to as AUR-21-001, also encountered 12.30 g/t silver over 3 metres, at a depth of just 8.70 metres within fragmented quartz veins. The hole was drilled to a total depth of 220 metres.

The hole marks the first within an ongoing 8,000 metre drill campaign, which currently has two drills turning on the firms property. Four holes have been completed to date, with assays pending on three holes presently.

O2Gold last traded at $0.21 on the TSX Venture.


Information for this briefing was found via Sedar and O2Gold Inc. The author is currently long the equity. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post O2Gold Intersects 20.11 g/t Gold Over 0.7 Metres At Aurora appeared first on the deep dive.

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