Equinox (EQX) Soars to New High on Gold Rush

We recently published 10 Power Stocks Crushing Wall Street — 7 at All-Time Highs. Equinox Gold Corp. (NYSEAmerican:EQX) is one of the best performers on Tuesday.

Equinox Gold surged to a new 52-week high on Tuesday, alongside the spot prices of gold, as investors positioned ahead of an expected rate cut that could spark buying appetite for precious metals.

During the session, Equinox Gold Corp. (NYSEAmerican:EQX) touched a new record high of $9.20 before trimming gains to close up 4.34 percent at $9.14 apiece.

Meanwhile, spot prices of gold jumped by 1.8 percent during the day to touch $3,540, with investors beginning to load up positions in precious metals ahead of a widely expected rate cut. For precious metals, a lower interest rate could weaken the US dollar, making them cheaper to foreign traders.

In other news, Equinox Gold Corp. (NYSEAmerican:EQX) announced last week that it officially kicked off ore processing of one of its largest gold mine sites in Canada.

According to the company, it began processing ore at its Valentine Gold Mine in Newfoundland and Labrador—a new site with the capability of producing 2.5 million tons of gold annually.

Equinox Gold Corp. (NYSEAmerican:EQX) said it expects to pour the first batch of gold by next month.

Upon full operations, the Valentine Gold Mine is targeted to produce between 175,000 and 200,000 ounces of gold annually over the first 12 years of its 14-year reserve life.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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