Hycroft Mining (HYMC) Soars to 5-Year High on Gold, Silver Rush

We recently published 10 Stocks Breaking Records While Wall Street Bleeds. Hycroft Mining Holding Corp. (NASDAQ:HYMC) was one of the top performers on Tuesday.

Hycroft Mining soared to a new five-year peak on Tuesday, as investors gobbled up shares in mining companies after gold and silver soared to all-time highs.

Photo from Hycroft Mining website

At intra-day trading, Hycroft Mining Holding Corp. (NASDAQ:HYMC) surged to its highest price of $43 before trimming gains to end the session just up by 23.51 percent at $42.77 apiece after gold and silver prices broke past their highest levels of $4,700 and $95, respectively, during the day.

The rally was triggered by President Donald Trump’s announcement over the weekend that he would slap fresh 10 percent tariffs on eight European countries namely Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the United Kingdom beginning February 1, until a deal for “the Complete and Total purchase of Greenland,” bringing the total levy on the affected countries to 25 percent.

Investors flocked to safe-haven assets like gold and silver to mitigate risks, spilling over to mining firms, including Hycroft Mining Holding Corp. (NASDAQ:HYMC), which announced late last month that it had found the best grades of silver at its mining site in Nevada, with drilling exploration showing continuity of resources in all directions and at depth.

While we acknowledge the risk and potential of HYMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HYMC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.