OR - Why These Gold and Silver Stocks Are All Over the Map Today
Shares of several smaller gold and silver mining companies made big moves on Monday in both directions. Endeavor Silver (NYSE: EXK) and New Gold (NYSEMKT: NGD) led those rallying, with both of them up more than 10% at one point today. Osisko Gold Royalties (NYSE: OR), on the other hand, tumbled 10% by 2:30 p.m. EDT. Several catalysts caused shares of these precious metal companies to make noteworthy moves.
The price of gold rallied today, closing up more than 1% to $1,531 per ounce. That was its highest closing price in more than two weeks. Driving the rally in the gold market was weak economic data in Europe, which increased concerns that the global economy is slowing down. Given that investors see gold as a safe haven, an economic slowdown could send its price even higher. And that's good news for producers like Endeavor Silver and New Gold, which is why their stocks surged today.
Image source: Getty Images.