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3 Penny Stocks That Can Make You Rich Before the 2024 Election

3 Penny Stocks That Can Make You Rich Before the 2024 Election

InvestorPlace – Stock market news, stock advice and trading tips

With the 2024 election just months away, we wanted to take a look at some of the best penny stocks to buy. All of this could benefit whoever wins.

Look at gold, for example.

If we look back at the presidential elections from 2004 to 2020, we can see that gold prices in the months leading up to the election further drive up election uncertainty.

Before the 2016 election, gold rose from a low of $1,061 in January to a high of $1,308 during the election. Gold then plummeted to a low of around $1,125 after the election before recovering to $1,309.30 in December. Before the 2020 election, gold rose from a January low of about $1,519.70 to $1,912.20 in November. After the election, gold fell to around $1,776.50 and would reach a high of $1,962.50 in December.

Even cannabis stocks should see some movement ahead of the election, especially with a major legalization vote in Florida. Furthermore, with 88% of the American public in favor of legalization, any candidate who mentions this positively could see an increase in votes.

Since we are talking about penny stocks that you can buy, you should also be careful.

According to the US SEC, “investors in penny stock(s) should be prepared for the possibility that they could lose their entire investment.”

That said, here are just a few top penny stocks to buy right now.

Penny Stocks to Make You Rich: IAMGOLD (IAG)

3 Penny Stocks That Can Make You Rich Before the 2024 Election

Source: Shutterstock

For $3.60, IMGOLD (NYSE:IAG) is a buy on weakness.

First, it is technically oversold during support dating back to April. It is also overloaded on RSI, MACD and Williams’%R. Second, gold prices could hit $3,000 in the next 12 months, Citi analysts say. All this thanks to a combination of strong physical demand, central bank purchases and macroeconomic factors that continue to support gold prices.

Furthermore, IAG’s revenues were solid. In the first quarter, earnings per share of 11 cents were surpassed by 8 cents. Revenue was $338.9 million, up approximately 50% year-over-year, compared to $49.58 million.

Better yet, operations in Essakane and Westwood are on track to achieve their goals this year. The company also announced its first gold flow at its Cote Gold mine in Canada, which is expected to be “one of the largest operating gold mines in Canada, with an expected mine life of more than 18 years and significant growth opportunities,” says Company.

Curaleaf Holdings (CURL)

Marijuana leaves in different shades of green and yellow on a black background representing HITI shares.

Source: Hudozhnica_Ananas / Shutterstock

Undervalued at $4.03, Curaleaf Holdings (OTCMKTS:CURL) could skyrocket as we approach the election.

First, it should also benefit from redistricting and possible legalization in Florida.

Consider, as I noted on May 16: “The Supreme Court’s decision to put cannabis legalization on the ballot this November holds the key to unlocking a potential tripling of Florida’s overall cannabis market to $6 billion in sales , as noted by Benzinga.com.”

Second, Alliance Global Partners just raised its price target to $12. And while recent earnings haven’t been anything to write home about, these numbers should improve with potential legalization in Florida and the global footprint in Europe following legalization in Germany.

Third, CURLF is technically oversold on RSI, MACD and Williams’%R. When things get this low on these indicators, the stock actually bounces back. We saw the same setup and bounced back in March, October 2023, August 2023, April 2023 and September 2022.

Taseko Mines (TGB)

Copper blocks in a pile on a white background.  Copper shares.

Source: ppart / Shutterstock

Oversold shares of Taseko mines (NYSEAMERICAN:TGB) could also rise significantly higher.

First, copper prices could rise 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 push copper to $15,000.

Second, we will see even greater demand for copper thanks to artificial intelligence, an increased need for data centers and the rise of green energy.

Analysts at Cantor Fitzgerald just upgraded 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. Additionally, company director Russell Hallbauer just purchased 70,000 shares of TGB at an average price of $3.38 per share.

TGB is also technically oversold at support at $2.30, where it is a buy. From here, I would like to see TGB stock initially retest its previous high of $3.20.

About Penny Stocks and Low Volume Stocks:With the rarest exceptions, InvestorPlace does not publish commentary on companies with a market capitalization of less than $100 million or that trade fewer than 100,000 shares each day. That’s because these “penny stocks” are often the playground for scammers and market manipulators. If we ever publish commentary on a low-volume stock that could be affected by our commentary, we require InvestorPlace.com writers to disclose this fact and warn readers of the risks.

Read more:Penny Stocks: How to Make Profits Without Getting Scammed

At the date of publication, Ian Cooper had (neither directly nor indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication Guidelines.

InvestorPlace.com contributor Ian Cooper has been analyzing stocks and options for web-based advice since 1999.

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