The two stocks under $10 that could be absolute steals in 2024 – London Business News | Londonlovesbusiness.com

The highest and best-performing stocks typically get all the headlines in the stock market, but some underrated gems usually go under the radar.

These stocks are almost always way cheaper than their famous counterparts but possess the same level of potential.

That aside, they offer the best return on investment, making them ideal for low-cap investors looking for the best market deals.

• Even though popular stocks are the more obvious choices for investments, investors can make massive profits by buying and investing in stocks with high potential in the market.
• The South African mining company Harmony Gold is attracting attention thanks to the rising demand for physical gold.
• Fortuna Silver Mines is another great stock worth less than $10 that investors ought to consider. The company specializes in the production of precious metals like silver and gold.

There are many upsides to investing in cheap stocks, particularly those below $10. However, before diving into this market, it is important to differentiate between market cap and share price to make better investment choices.

Financial analyst at Trading.biz, Joel Lim, has identified two stocks under $10 that low-cap investors should consider buying. Here’s all you need to know about Harmony Gold and Fortuna Silver Mines.

Harmony Gold

Demand for gold is at an all-time high, which makes the stock of gold mining companies like Harmony Gold a great option for investment. We are experiencing the price of Gold rise rapidly in 2024 thanks to its strategic qualities for economic growth and protection against rising inflation. If this keeps up, it is only a matter of time before this price increase is reflected in the stock market.

Beyond that, Harmony Gold is doing pretty well in the market. It is up 55% year-to-date (YTD), and in the last year, it has enjoyed a resurgence in revenue and FCF. All indications point towards it being a valuable portfolio addition for any investor, which could fetch a massive return on investment in the long run.

Joel Lim notes, “The rising demand for gold makes companies like Harmony Gold great options for investment going into the second half of the year.”

Fortuna Silver Mines

Fortuna Silver Mines is another company that could benefit massively from the increasing demand for gold and other precious metals amid rising inflation and economic uncertainty.

The Canadian-based producer specializes in producing precious metals like silver and gold and other materials like lead and zinc. It has operations all over the globe in countries such as Senegal, Argentina, Mexico, Burkina Faso, and Peru.

The company’s recent stock market performance has also been impressive. In quarter one, its revenue increased by 28% to $225 million, and its income increased by 141% to $26.3 million. With an economic recession on the horizon, these numbers are likely to increase further, making this company’s stock an exciting investment opportunity.

Joel Lim notes, “Fortuna Silver Mines is in the business of producing precious metals, an asset class that is growing in demand thanks to its inflation-resistant properties. This makes it an ideal investment option in 2024.”