By Angela Harmantas
Gold prices rallied last week after the Fed’s decision to hold interest rates steady – is it sustainable through December when we face the same uncertainty around possible rate hikes? Today on Before the Bell we’re examining the effect of the interest rate decision on mining stocks. Also, a few tech stocks have been surging lately and could represent a moneymaking opportunity for savvy investors – here’s what you need to know today:
It looks like the US Federal Reserve’s decision to hold the interest rate at 0-0.25% may be beneficial for Canada’s miners. Gold rallied last week to just under US$1140, and I’m sure many gold bugs are breathing a small sigh of relief right now as higher interest rates usually mean lower prices for the precious metal. We’ll see how long that relief lasts as we await another round of anticipation come November before the Feds meet again. We’ve got exclusive interviews coming up with Eric Sprott and Rick Rule and you can bet they’ll be talking about their outlook for the gold market in the months to come.
This month’s Ubika Mining 20 index took a slight hit, falling 6.4%, but there were a few highlights worth noting: Top performer Ivanhoe Mines Ltd rose 9.2% thanks to investor optimism of a copper-price recovery, while Nevsun Resources Ltd announced new assay results from the company’s 2015 exploration program at their Bisha copper mine in Eritrea. Also, Paladin Energy Ltd gained 8.3% after repurchasing US$20 million of its outstanding US$274,000,000 6.00% Convertible Bonds due in 2017.
A few small cap tech stocks have been surging of late, and today we’re focusing on 5 Canadian tech stocks with 40%+ trading volume increases. As our analysts point out, when a stock’s trading volume surges it’s often accompanied by a change in price as well, either sharply up or down. The additional investor interest in a particular equity can also be a moneymaking opportunity if you know how to play it correctly. The 5 stocks on our list are trading in prices ranging from $1.41-$6.30. Take a look and let us know in the comments which ones you like at this time and why.
Do you have a burning question you’d like answered by an investment expert or analyst? Let me know and I can post the answer here in the blog. Contact me by email at angela@smallcappower.com or on Twitter: @aharmantas.
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