Commodity stocks are bouncing back after yesterday's steep bout of profit taking. As of today, gold-mining giant Newmont Corporation (NYSE:NEM) is up 1.7% to trade at $101.48. Meanwhile, metals producer Hecla Mining Co (NYSE:HL) is charging 2% higher to trade at $19.55, at last check.
After suffering from a late-October pullback that took the shares below $80, Newmont stock bounced back and set a record high of $106.34 on Dec. 26. This comes in nearly triple the share's 52-week low of $36.86, set one year ago tomorrow. Now boasting a 172% year-to-date gain.
HL is also making history, hitting an all-time high of $20.95 on Dec. 22, now sporting an impressive 296% year-to-date gain. The security has been enjoying support from the 20-day moving average since its early August post-earnings bull gap.
It is worth noting that short interest on HL has risen 5.4% during the past two reporting periods. This accounts for 4.5% of the stock's total available float and would take shorts less than two days to buy back, at their average pace of daily trading.
Additionally, options on NEM are looking affordably priced. This is per the stock's Schaeffer's Volatility Index (SVI) of 42%, which sits higher than just 32% of readings from the last year.
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