Previous Close | 3.6800 |
Open | 3.7100 |
Bid | 3.7300 x 0 |
Ask | 3.7800 x 0 |
Day's Range | 3.7100 - 3.8000 |
52 Week Range | 3.0500 - 6.1500 |
Volume | |
Avg. Volume | 10,680 |
Market Cap | 383.56M |
Beta (5Y Monthly) | 0.64 |
PE Ratio (TTM) | N/A |
EPS (TTM) | N/A |
Earnings Date | N/A |
Forward Dividend & Yield | N/A (N/A) |
Ex-Dividend Date | N/A |
1y Target Est | N/A |
During periods of geopolitical uncertainty, it's typical for investors to rush toward gold, recognizing it as a defensive position -- a dynamic that played out yesterday. Dropping below $2,000 per ounce, the price of gold is heading south today, however, as President Volodymyr Zelenskyy articulated a willingness to negotiate with Russia. The other likely catalyst for PolyMet's slide is the simple fact that investors are taking profits today.
After the downturn in the markets yesterday and as energy prices continue to rise today, conservative investors are looking to fortify their portfolios by adding metals exposure to their holdings. The price of gold, for example, crossed the $2,000-per-ounce mark today for the first time since August 2020, while other precious metals like silver, platinum, and palladium are also rising today. It's no wonder, therefore, that Northern Dynasty Minerals (NYSEMKT: NAK), PolyMet Mining (NYSEMKT: PLM), and TMC the metals company (NASDAQ: TMC) are all looking a lot more lustrous in investors' eyes today.
Environmentalists sued the U.S. Forest Service on Tuesday in an attempt to reverse a 2017 land transfer that gave PolyMet Mining Corp more than 6,600 acres (2,670 hectares) needed to build an open pit copper and gold mine in northern Minnesota. The suit, led by the Center for Biological Diversity (CBD), claims the project would destroy a region home to Canada lynx and northern long-eared bat, both of which are listed as threatened with extinction under the U.S. Endangered Species Act. Similar lawsuits from CBD and others failed in 2019, with the court finding the parties lacked standing because PolyMet had not yet obtained permits and thus there was no way to measure if the project would cause imminent harm to the region.