With the 2024 election just months away, we wanted to take a look at some of the top penny stocks to buy. All of which could benefit from whoever wins.
Look at gold, for example.
If we go back to the presidential elections of 2004 through 2020, we can see that in the months leading up to the election, gold prices push higher on election uncertainty.
Before the 2016 election, gold rallied from a January low of $1,061 to a high of $1,308 by the election. Gold then plummeted post-election to a low of about $1,125 before recovering to $1,309.30 by December. Before the 2020 election, gold jumped from a January low of about $1,519.70 to $1,912.20 by November. Post-election, gold dipped to about $1,776.50 and would go on to hit a high of $1,962.50 by December.
Even cannabis stocks should move heading into the election, especially with a key legalization vote in Florida. Plus, with 88% of the American public for legalization, any candidate that positively mentions it could see an uptick in votes.
Also, since we are talking about penny stocks to buy, be cautious.
Per the US SEC, “Investors in penny stock[s] should be prepared for the possibility that they may lose their whole investment.”
That being said, here are just a few top penny stocks to buy now.
Penny Stocks to Make You Rich: IAMGOLD (IAG)
At $3.60, IMGOLD (NYSE:IAG) is a buy on weakness.
For one, it’s technically oversold at support dating back to April. It’s also over-extended on RSI, MACD and Williams’ %R. Two, gold prices could see $3,000 over the next 12 months, say analysts at Citi. All thanks to a combination of strong physical demand, central bank purchases, and macroeconomic factors that continue to support gold prices.
Plus, IAG earnings have been solid. In its first quarter, earnings per share of 11 cents beat by eight cents. Revenue of $338.9 million, up about 50% year over year, beat by $49.58 million.
Even better, its operations at Essakane and Westwood are on target to meet their goals this year. The company also announced its first gold pour at its Cote Gold mine in Canada, which is expected to be “within the largest operating gold mines in Canada with an expected mine life exceeding 18 years and significant opportunities for growth,” says the company.
Curaleaf Holdings (CURLF)
Undervalued at $4.03, Curaleaf Holdings (OTCMKTS:CURLF) could rocket as we near the election.
For one, it should also benefit from rescheduling and potential legalization in Florida.
Remember, as I noted on May 16, “The Supreme Court’s decision to allow the legalization of cannabis to appear on ballots this November holds the key to unlocking a potential tripling of the total cannabis market in Florida to $6 billion in sales, as noted by Benzinga.com.”
Two, Alliance Global Partners just raised its price target to $12. And while recent earnings weren’t anything to write home about, those numbers should improve with potential legalization in Florida, and its global footprint in Europe following legalization in Germany.
Three, CURLF is technically oversold on RSI, MACD and Williams’ %R. In fact, when it gets this low on those indicators, the stock bounces back. We saw the same setup and bounce back in March, Oct. 2023, Aug. 2023, April 2023 and Sept. 2022.
Taseko Mines (TGB)
Oversold shares of Taseko Mines (NYSEAMERICAN:TGB) could rally significantly higher as well.
For one, copper prices could soar another 50%, according to Jeff Currie, chief strategy officer of Energy Pathways at Carlyle, as noted by Fortune.com. He also pointed to high demand and tight supply, which could send copper to $15,000.
Two, we will see an even higher demand for copper with artificial intelligence, a greater need for data centers, and the green energy boom.
Helping, analysts at Cantor Fitzgerald just upgraded the TGB stock to a speculative buy with a price target of $5. Analysts at National Bank also raised their price target on Taseko Mines to $4.25, with a sector-perform rating. In addition, company director Russell Hallbauer just bought 70,000 shares of TGB at an average price of $3.38 a share.
TGB is also technically oversold at $2.30 support, where it’s a buy. From here, I’d like to see the TGB stock initially retest its prior high of $3.20.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
