Power Nickel Inc. (TSX.V: PNPN) (OTCQB: PNPNF) has revealed its most significant copper equivalent (CuEq) discovery to date, drilling an impressive 39.6-meter intersection grading 4.19% CuEq at the Lion Zone. "This is incredibly rich in metal contained," commented Power Nickel CEO Terry Lynch, emphasizing the Lion Zone's consistently high grades and thickness. The company is approaching the completion of its summer drill program and preparing for a fully funded, 30,000-meter fall and winter drilling initiative.
Simultaneously, gold prices have reached a record intraday high, with December futures climbing 0.9% to $2,779.40 an ounce, peaking at $2,784. This surge is largely driven by safe-haven demand amid geopolitical tensions, anticipated monetary policy easing, and U.S. election uncertainties. Tito Iakopa, commercial director at FlowCommunity, attributed the price jump to these factors alongside strong physical demand, which has kept gold prices elevated. Also, take a look this "Undiscovered Gold Stock to Watch Now": Clifton Mining Co. (OTC: CFTN)
This week, traders are watching critical U.S. economic releases, including PCE inflation, third-quarter GDP estimates, and payroll figures. Iakopa noted that stronger-than-expected economic data could reinforce the Federal Reserve’s cautious stance, possibly leading to fewer rate cuts, which might strengthen the dollar and temporarily limit gold’s gains. Nonetheless, Iakopa believes the fundamental support for gold is intact, suggesting its upward trend may continue despite potential headwinds.
NASDAQ Stocks Under $1 to Watch now through November 2024
- Kaival Brands (NASDAQ: KAVL)
- Starbox Group Ltd. (NASDAQ: STBX)
- Ensysce Biosciences Inc. (NASDAQ: ENSC)
- Digital Brands Inc. (NASDAQ: DBGI)
With promising developments from Power Nickel in the mining sector and record highs in the gold market, these small-cap stocks may also attract attention as traders seek growth potential across different sectors in an uncertain market climate.
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