The Gold Rush Is BACK! 🚀

A surge of gold buying has driven prices to new heights, and this stock could see huge gains as a result of the boom.

Good Morning! 

It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.

Let’s get ready to trade!

Markets 📈

Stocks cruised to a solid start to the trading week on Monday. The Dow posted a slight loss, but the Nasdaq scored a solid gain.

  • Dow [-0.4%]

  • S&P 500 [<0.1%]

  • Nasdaq [+0.6%]

  • Russell 2K [+0.3%]

Futures are flat in early trading. Both S&P 500 and Dow contract are toeing the line ahead of the opening bell.

What to Watch Today:
The earnings schedule will begin to pick up in today’s session. This morning, we’ll hear from Lowes, Macy’s, and a handful of smaller names. The retail earnings reports could shed more light on the current health of the U.S. consumer and set expectations for upcoming retailer earnings reports.

And one under-the-radar stock could in line to achieve enormous growth as a result of the yellow metal’s record-breaking rally.

The stock features a veteran management team and a growing portfolio of precious metals assets and properties.

It’s been flying under the radar for a while, but the market is beginning to take notice, and the next big gold catalyst could spark a frenzied rally.

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Premarket Highlights 🔎

Copper highs are surging to new heights this year.

📈 Copper Futures Surge to Record High

Copper futures reached unprecedented levels on Wednesday, fueled by robust demand driven by the rapid expansion of data centers and the ongoing electrification of the global economy.

Record-Breaking Prices 📊 
On the NYMEX, copper prices soared to $5.02 per pound, marking a historic high, with gains exceeding 25% since the beginning of the year.

Economic Health 💼 
Copper's surge reflects its role as a barometer of economic vitality, particularly within the energy transition landscape. The metal is indispensable in manufacturing electric vehicles, powering grids, and constructing wind turbines, pivotal elements as nations accelerate their shift towards electrification.

Growing Demand 💰
Forecasts by the Bank of America predict a 5% increase in copper demand from the electric vehicle and transportation sectors this year. Meanwhile, the burgeoning artificial intelligence sector is driving the expansion of data centers, further boosting demand for copper, crucial for electrical applications within these facilities.

Supply Chains ⛓️
Supply challenges have exacerbated the situation, with the International Copper Study Group revising down supply surplus forecasts for the year due to slower-than-expected production growth. Various factors, including delays in project commissioning and environmental concerns leading to mine shutdowns, have contributed to the tightening supply outlook.

Bullish Outlook 🐂 
Analysts from Citi anticipate further price increases, projecting copper to climb to $10,500 per ton in the near term, buoyed by expectations of continued physical tightening in the market. The current trading price of the 3-month copper contract on the London Metals Exchange stands at $10,185.5 per ton.

Featured Earnings 💰️ 

  • Lowe's Companies [LOW] ... AM

  • Full Truck Alliance [YMM] ... AM

  • Kanzhun Limited - American Depository Shares [BZ] ... AM

  • Eagle Materials [EXP] ... AM

  • Amer Sports [AS] ... AM

  • XPeng [XPEV] ... AM

  • Macy's [M] ... AM

  • Toll Brothers [TOL] ... PM

  • Modine Manufacturing Company [MOD] ... PM

  • Skyline Champion Corporation [SKY] ... PM

Economy 🏗

  • None.

Running Hot 🔥

  • AgriFORCE [AGRI] >> +51.0%

  • Edible Garden [EDBL] >> +31.0%

  • MMTEC [MTC] >> +24.7%

  • Greenwave Tech [GWAV] >> (61.0%)

  • Luxurban Hotels [LUXH] >> (45.1%)

  • Almacenes Exito [EXTO] >> (35.4%)

Meta Materials [MMAT] - Last Close: $2.30

Meta Materials says its lawyers have concluded the company has valid claims against several parties over naked short selling of its shares in 2023.

The alleged violation occurred in June 2023, and Meta Materials addressed the issue shortly after in a press release and announced the retention of attorneys to investigate the matter.

The lawyers say Meta has “meritorious claims” against several parties, and the company plans to initiate legal proceedings in the coming quarters.

MMAT is up 26.9% on over 2.5 million shares traded.

My Take: MMAT could get a momentum boost as a result of this news, but the legal proceedings will have to shake out before it makes a substantive difference in the stock’s outlook.

Biodexa Pharma [BDRX] - Last Close: $1.27

The short-busting crowd is zeroing on this highly-leveraged biotech as its next short squeeze target.

Data from Fidelity shows BDRX had an absurd 905.02% short percentage as of April 30th, and smart traders are capitalizing on the imbalance.

BDRX gained 6.7% on Monday, but the move went into overdrive after the closing bell, and it’s surging to the top of the charts in today’s premarket.

BDRX is up 70.0% on upwards of 16 million shares traded this morning.

My Take: With such a ridiculous short percentage, it’s no wonder the meme stock raiders have locked in on BDRX. However, the gains could be short lived, so proceed with caution.

Ault Alliance [AULT] - Last Close: $0.3924

An impressive performance on its Q1 earnings report is lifting shares of Ault Alliance to big gains in today’s premarket.

Ault swung to a Q1 profit of $0.14 per share after posting an operating loss of $(41.24) per share a year ago.

Sales grew by 55% to $44.93 million, also a significant improvement over the year-earlier quarter’s $28.94 million top-line figure.

AULT is a top mover with a 35.8% gain, and premarket trading volume is currently sitting at 17 million.

My Take: Q1 was a breakout quarter for AULT, but is it the beginning of a new era of profitability or just a lucky quarter? Only time will tell, but, for now, investors are cheering the report.

MGO Global [MGOL] - Last Close: $0.2299

Lifestyle brand MGO Global is surging after publishing its Form 10Q quarterly report for the first quarter in Monday’s aftermarket.

The report was delayed last week due to a regulatory issue with the company’s auditor, but the company corrected the problem in just five days.

MGOL is rallying in the wake of the quarterly report, but I couldn’t pinpoint an obvious catalyst after a brief review of the lengthy filing.

MGOL is today’s top mover with a 157.4% gain on 38 million shares traded.

My Take: MGOL short rate is sitting close to 0%, so I’m not sure why this stock is moving so suddenly. It could be a relief rally triggered by the successful completion of its previously-delayed quarterly report.

That's it for today! Thanks for reading, and good luck out there!

Best Regards,

— Chris D.
Elite Trade Club

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