Hycroft Mining Holding Corporation (HYMC) gained significantly in the current market after the rise in global gold prices. HYMC values at $1.01, gaining more than 206.37% compared to yesterday’s closing price. The stock closed at $0.33 at the end of the last trading session. The stock volume traded in the previous trading session was around 698.35k shares. The current market cap of the company is about $50.99 million.
HYMC: Rise in the gold prices
Hycroft Mining Holding Corporation (HYMC) is a precious metal producing company owning a Hycroft Mine located in the mining region of North Nevada.
Today the gold price has increased to its highest price since August 2020. Today the gold prices reached $2,000 per ounce. Due to this Hycroft Mining Holding Corporation (HYMC) gained value in today’s trading session.
Investors are concerned about ongoing geopolitical scenarios. The Russia Ukraine war, covid-19 and inflation have affected every industry.
Immediately following Russia’s invasion of Ukraine on February 24, 2022, the worldwide inflation rate and energy costs skyrocketed, with the latter increasing by as much as 400% in a matter of days.
Russia is the world’s second-largest oil producer, and it presently accounts for 5% of total global oil consumption in terms of production. Saudi Arabia is the world’s largest oil producer, accounting for 15% of the world’s total oil production. Russia is also one of the world’s largest players in the provision of natural gas to the western hemisphere. Currently, Russia meets 30% of Europe’s gas demand and supplies gas to Europe through a gas pipeline network that spans Europe.
As a result of these current scenarios, investors are moving towards owning different assets that don’t lose value in the meantime.
Conclusion
It seems like the current ongoing situation between Russia and Ukraine is not going anywhere soon. The tensions are escalating, causing severe supply chain disruptions and causing the inflation rate to spike. The companies like Hycroft Mining Holding Corporation (HYMC) dealing with oil and gas and precious metals like gold and silver will be huge gainers in the current situation.
