2024-08-10 15:12:00 +0300

Lithium Likely to Become a De-Facto Precious Metal: 5 Picks

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Nasdaq
By Zacks

Will lithium join the league of precious metals such as gold, silver, diamond or platinum? Likely so, owing to a global move toward clean energy and carbon emission reduction, a massive shift in the auto sector across the world toward electric vehicles and the proposed Inflation Reduction Act of the Biden administration.

At this stage, it will be prudent to invest in lithium-producing companies with a favorable Zacks Rank. Here we offer five such companies, namely - Albemarle Corp. ALB, Livent Corp. LTHM, Piedmont Lithium Inc. PLL, Sociedad Qumica y Minera de Chile S.A. SQM and Lithium Americas Corp. LAC.

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Global Move Toward Clean Energy

The global economy is crawling back to normalcy after two COVID-19-led pandemic-ridden years. As the global economy is bottoming out, albeit, at a slow pace, the demand for energy products has surged. This demand is primarily met by fossil fuels, prompting a spike in the prices of crude oil and natural gas.

However, as the planet is heating up, most of the political and economic super-powers are shifting toward clean energy to reduce massive carbon emissions. This has led to a move toward solar and wind power, ethanol blending on crude oil and a remarkable shift toward electric vehicles. The lithium story starts from here.

Massive Drive for Electric Vehicles

The latest thrust in the auto sector is electric vehicles (EV), which are rapidly changing the dynamics of this space. As the government of several developed and emerging markets are encouraging EVs for a clean climate, this industry set to flourish in the near future.

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