Why Shares of Hycroft Mining Stock Sank 18% This Week
Key Points
Hycroft Mining stock is down alongside gold and silver.
The company had rocketed higher alongside the precious metals, but their prices are now falling.
With no mine operational right now, investors should stay away from buying this stock.
- 10 stocks we like better than Hycroft Mining ›
Shares of Hycroft Mining (NASDAQ: HYMC) have slipped 18% so far this week, according to data from S&P Global Market Intelligence. The prospective gold and silver miner is falling because the prices of both metals have fallen during the market uproar over the conflict between the United States, Israel, and Iran.
After zooming to start the year, Hycroft Mining stock is down 44% from its highs. Here's why it was falling yet again, and whether now is a good time to buy the dip on the stock.
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Following metals prices
Hycroft Mining owns a prospective gold and silver mine in Nevada. The company is currently not operating its mine but is exploring the potential resources it has, with updates this year highlighting larger deposits than it originally believed it had.
Along with gold and silver prices rocketing higher, Hycroft Mining became one of the top-performing stocks worldwide, with shares at one point up 1,000% over the last 12 months. Now, with silver almost cut in half and gold down from $5,500 to around $4,500, investors have lost their love for mining stocks.
Image source: Getty Images.
Should you buy the dip?
At the end of the day, mining stocks are going to follow the price of the metals or commodities they mine, and Hycroft Mining is no exception.
What's unfortunate is that the company cannot capitalize on these elevated gold and silver prices because it does not currently have an operating mine. It may not have one for many years, and is not guiding for any production in 2026. This makes the stock incredibly risky, even though it is almost down 50% from its highs. Avoid buying this pre-revenue mining stock for your portfolio right now.
Should you buy stock in Hycroft Mining right now?
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Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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