The S&P/TSX Battery Metals Index rose 1.02% on Monday, June 26. This index has gold, silver, and lithium stocks among others that have powered its recent swing of momentum. Today, I want to zero-in on one gold stocks and one silver stock that I’m looking to sell and buy, respectively, in late June. Let’s jump in.
Barrick Gold (TSX:ABX) is a Toronto-based company that is engaged in the exploration, mine development, production, and sale of gold and copper properties. Shares of this gold stock have dropped 5.4% month-over-month as of close on June 26. The stock is now down 10% so far in 2023.
This company released its first quarter fiscal 2023 earnings on May 3. The realized gold price was reported at $1,902 per ounce in the first quarter of fiscal 2023 – up from $1,876 per ounce in the first quarter of fiscal 2022. Meanwhile, Barrick posted adjusted net earnings of $247 million. That was down from $463 million in the prior year. Barrick needs to see the yellow metal gain serious momentum in the summer of 2023 to justify a hold in its current state.
First Majestic Silver (TSX:FR) is a Vancouver-based company that is engaged in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. This stock has plunged 37% in the year-to-date period.
Shares of First Majestic last had a Relative Strength Index (RSI) of 32, putting this silver stock just outside of technically oversold territory. The silver stock is trading in favourable value levels compared to its industry peers.
