Thursday is looking weak again for stocks, with U.S. virus-spread concerns and jobless claims in focus.
“Wait until the Robinhood traders learn about the gold and silver penny stocks, that’s where we’re long,” Costa told MarketWatch. He was referring to a low-cost trading app that has lured a flood of new investors, who have lately won some bets on beaten-down stocks. iframe.twitter-tweet { width: 100% !important; } Miners are divided into juniors GDXJ, -0.62% that focus on hunts for precious metal deposits, and senior miners GDX, -0.63% that have big developed mining operations.
“The metals prices should be rising significantly and capital will start to pour into the industry in general, and I think that’s going to be a big change in terms of margins and fundamentals of those businesses,” said Costa. The mining sector is trading at five to 10 times free cash flow — a measure of company’s operating expenses and capital spending — versus any tech-sector industry that trades at 20 to 70 times sales.
The buzz U.S. weekly jobless claims totaled 1.48 million, which was a decline but higher than economist estimates. Continuing jobless claims fell below 20 million for the first time since mid-April, in a sign of how the labor market is slowly healing.Meanwhile, a Moody’s study says state and local governments will need billions more to avoid 4 million layoffs.
Penny stocks.... Get in fast but get out even faster... Just buy bullion people and save yourself the headache