Avino (ASM) Grows 28% Ahead of FOMC Meeting

We recently published 10 Small Caps With Big Double-Digit Gains. Avino Silver & Gold Mines Ltd. (NYSEAmerican:ASM) is one of the top performers of last week.

Avino saw its share prices increase by 28.44 percent week-on-week as investors loaded portfolios ahead of the Federal Open Market Committee’s last interest rate meeting for the year.

The stock rallied alongside its mining counterparts, fueled by renewed optimism for an interest rate cut.

On Friday alone, gold spot increased by 1.97 percent to $4,239 per troy ounce while silver surged by 5.81 percent to $56.5003.

Lower rates stand to benefit precious metals such as silver and gold, as they tend to weaken the US dollar, making it much cheaper and more attractive to foreign investors, thus, higher sales for the producers.

In other recent news, Avino Silver & Gold Mines Ltd. (NYSEAmerican:ASM) saw its net income expand by 559 percent to $7.7 million from $1.17 million in the same period last year.

Revenues increased by 44 percent to $21.04 million from $14.6 million year-on-year, primarily driven by higher metal prices and marginally higher ounces sold.

Following the results, Avino Silver & Gold Mines Ltd. (NYSEAmerican:ASM) is confident in achieving its 2025 financial and operational targets.

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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.