Will These Be The Best Penny Stocks To Buy This Week Or Should You Avoid Them Entirely?
Over the past week or so, plenty of penny stocks have made significant moves. Considering the fact that one can make large, short-term profits from such stocks, there should be some excitement among investors.
However, you need to have an eye on the market, do thorough research and only then think about the penny stock to buy. At the end of the day, the wrong investment can just as easily lead to significant losses. On that note here are a few penny stocks that should be watched by investors.
Penny Stocks to Watch: Namaste Technologies (NXTTF) (N)
Namaste Technologies Inc (N) (NXTTF Stock Report) is one of the penny stocks which has made significant gains over the course of the past week. The Canadian company provides online retail services for the cannabis industry and it goes without saying that it has a sound business model.
However, it had also gone through a lot of trouble at the executive level. Therefore, when it announced the appointment of Meni Morim as the permanent Chief Executive Officer, the stock soared. After the announcement was made, Namaste stock jumped by as much as 19% over the past week.
Penny Stocks To Buy (or Avoid): Net Element (NETE)
The other penny stock to watch is Net Element Inc (NETE Stock Report). It has had a highly impressive run over the past two weeks. On August 22, the company announced that its subsidiary, Unified Payments is going to enter the lucrative property management space. It’s going to utilize its Netavia payment system to do so.
It is a significant deal for the company and as soon as the news broke, the stock started climbing. Over the course of the past two weeks, the Net Element stock has gained around 100% and it is definitely a stock that should be on an investor’s watch list.
Gold Penny Stocks Hit New Highs
The other sector that has been on a tear for much of 2019 has been gold. Most of the gains are due to the current macroeconomic issues that are plaguing the global economy. Due to the trade war between the US and China, the markets have been plunged into chaos. Gold, as well as silver, have emerged as the perfect safe havens.
Gold futures for December hit $1,556 an ounce, while silver touched $19.25 an ounce. Due to the current dynamics of the market, gold penny stocks have also generated handsome gains. Among the penny stocks, Kinross Gold Corporation (KGC Stock Report) rose by 4% yesterday, to add to its 70% rise over the course of the past three months.
On the other hand, Yamana Gold Inc. (AUY Stock Report) continued its strong 105% rise in the past three months by recording gains on Tuesday again.