PLM - Why Mining Stocks Surged Double Digits Monday
Precious metal and rare earth mineral miners surged as much as 20% today. Shares of New Gold (NYSEMKT: NGD) and PolyMet Mining (NYSEMKT: PLM) remain up 12% and 13%, respectively, and Northern Dynasty Minerals (NYSEMKT: NAK) shares are up 14%.
The price of gold itself has also been rising recently, and jumped almost another 1% today, to close at a two-week high of $1,920 per ounce.
The rising commodity price isn't the only reason the miners are moving today. Momentum for these shares started last week after President Trump signed an executive order Wednesday declaring a national emergency in the mining industry, saying it was "particularly concerning" that the United States imports 80% of its rare-earth elements directly from China.
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Why Mining Stocks Surged Double Digits Monday