Why Hycroft Mining Shares Are Soaring

Hycroft Mining Holding Corp HYMC is surging on abnormally-high volume Tuesday amid strength in gold prices, which has lifted gold and mining companies. 

Hycroft Mining's average session volume is 464,650 over a 100-day period, according to data from Benzinga Pro. Tuesday's trading volume has already exceeded 171 million at publication time. 

Gold is viewed as an inflationary hedge and has traded higher amid rising inflation concerns and the ongoing Russia-Ukraine conflict. The United States on Tuesday announced a ban on Russian oil imports. Commodity supply constraints have contributed to the surge in precious metal companies.

Hycroft Mining Holding is a gold and silver producer with mining operations in Nevada.

See Also: Why Yamana Gold, U.S. Gold And First Majestic Silver Shares Are Rising

Spot gold prices were up 2.35% at $2,045 at time of publication. Gold is up more than 6% over the last week. 

HYMC 52-Week Range: $0.28 - $7.47

Hycroft Mining shares were up 141.9% at 80 cents Tuesday afternoon.

Photo: Stevebidmead from Pixabay.