Hycroft Mining (HYMC) Stock Continues Rallying To Surpass $1 Value

Gold price is having a bullish trend while the unexpected war goes on hurting civilians brutally in Ukraine. Precious metals are trending may be due to mass purchases in China and Russia as their currencies are destined to hit record lows further. Hycroft Mining (HYMC) shares are soaring over 170% but it has no recent announcements from press release sites.

Key Points
  • Fear-mongering war is increasing demand for precious metals
  • HYMC shares have never been bullish since July 2020
  • Russian mining companies have been hit by Western and European sanctions
  • China is aggressively buying all the available gold around the world to back up its financial reserves

Unfortunately, fiat money depreciates when peace is torn up by a sudden war that comes from unexpected sides. Therefore, governments and the rich begin collecting gold in exchange for even the most stable currencies.

After the first covid-19 wave HYMC reached $13.25 when the global economy was emerging after two months lockdown in most countries. However, in August 2020 it started declining and today it is valued under the $1 mark.

The Russian military is receiving funds directly from taxes and revenues from major mining and energy resource-producing firms. EU and the U.S are thoroughly sanctioning those companies to stop the bloody war in Ukraine.

We all know that China is always eager to fill its reserves with precious metals in case of a major crisis in Asia or merciless sanctions for its aggressive behavior towards Taiwan and other neighboring countries.