Cheap Stocks to Buy Now: Hecla Mining (HL)
Like many gold stocks, the silver-focused miners haven’t fared so well either. The next of our cheap stocks, Hecla Mining (HL), could be the best buy here.
Silver, unlike gold, is more of industrial play rather than a store of value. It’s found in a wide range of applications, and many of those applications actually destroy the silver when used. Rising economic activity will ultimately boost demand for the metal in the long run.
Meanwhile, HL has diversified its production at perhaps just the right time, giving it an advantage over other cheap stocks in the sector.
Last year, HL purchased smaller gold producer Aurizon Mines. HL stock now receives about 35% of its revenue from gold. The kicker is that HL was able to buy its gold production for peanuts and has since successfully cut costs at Aurizon’s former operations. Meanwhile, production at the mine has risen.
For HL stock and its $3.61 share price, the diversity of products could make double as silver and gold rise in the longer term.