4 Gold Stocks To Watch Heading Into The Middle Of Q1, 2020
Gold stocks have been on a rampant bull run over the last year. In fact, gold prices reached some of the highest prices per ounce in over 8 years. Thanks to geoeconomic uncertainty between the U.S. and other nations like China, investors have headed toward safe havens. One of the most popular of these is gold and gold stocks. However, other mining stocks have also benefited from the rising price of precious metals.
Palladium, for instance, has become more popular as of late. The metal most widely used for automotive exhaust systems has steadily increased in price for a few years now. This is thanks to tight supply constraints on the metal.
Needless to say, this continues to emphasize the type of attention metals and mining stocks are beginning to receive this year. Now, can things like gold squeak out new highs? That’s the big question right now on investors’ lips. But the fact of the matter is hedgefund billionaires remain bullish on the precious metal
Gold Stocks To Watch: Kinross Gold
Shares of Kinross Gold (KGC – Stock Report) (K) have turned things around at the start of the week. After closing on January 17 at $4.50, the gold stock rallied to highs of more than $4.60 on Tuesday. Toward the end of the week last week, Kinross announced the completion of a previously disclosed acquisition of Chulbatkan from N-Mining Ltd. This is a heap leach development project in Russia. The total purchase price of the buyout was $283 million and allows Kinross to explore drilling programs at the site.
The locale is expected to hold deposits near the surface with high levels of mineralization. If you attended our recent webinar, this is one of the big factors in identifying the potential for gold discovery. At Chulbatkan, based on Kinross’ due diligence, the company expects roughly 3.9 million gold ounces in indicated mineral resources.
It also estimated around 80,000 gold ounces in estimated inferred mineral resources for the project. Based on these developments, it appears that Kinross has become one of the gold stocks to watch this week.
Gold Stocks To Watch: IMC International Mining Corp
Next, IMC International Mining Corp (IMCX – Stock Report) has seen a strong month so far as shares climbed from C$0.25 to highs of C$0.37 last week. The junior exploration company has focused its efforts initially on the 100% owned Bullard Pass Property in Arizona. It has also stated that IMC continues to evaluate additional properties to increase its portfolio of mining assets as well.
As it pertains to the Bullard Pass, previous reports suggest that it shows potential for gold discovery. The property encompasses roughly 3,896 acres that have reported mineralization in shear zones of the property. Furthermore, previous district production totals could also indicate the potential for gold discovery.
Between 1933 and 1956, the production included 614,000 pounds of copper, 3,600 ounces of gold, and 15,000 ounces of silver from 17,000 tons mined. It was also a property that was previously targeted by Freeport McMoRan Gold, NRG Resources, and Unity Mining to name a few.
Rider: It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Cathedral property and should not be understood or interpreted to mean that similar results will be obtained from the Cathedral property.
Gold Stocks To Watch: Yamana Gold
Similarly, Yamana Gold (AUY – Stock Report) rebounded from last week’s closing lows of $3.68. Following the long weekend, shares rallied to highs of $3.81 before the lunch hour on Tuesday morning. Thanks to more attention on gold stocks and increased concern about the global economy discussed at the World Economic Forum, the sector has performed well.
As far as Yamana is concerned, the company is coming off of a very positive announcement that was made a few days ago. The company reported that it exceeded 2019 production guidance for all metals. It also saw fourth-quarter figures come in “well above expectations.”
Its Jacobina site posted record quarterly production of gold as well as all-time-highs for full-year production. The company will release its full financial results after the market close on February 13 followed by a conference call on February 14. Will this be enough of a carrot to dangle in front of gold-stock investors between now and then?
Gold Stocks To Watch: Agnico Eagle Mines
Finally, Agnico Eagle Mines (AEM – Stock Report) saw its stock reach new 2020 highs this week. After opening at $62.08 on January 2, shares declined to lows of $57.47 by the early part of last week. However, since then, it has been one of the top gold stocks to watch as shares have climbed as high as $62.67. Coincidentally, this marked a new high of 2020 as well.
The company is set to release earnings during the first half of February with a corporate conference call to follow the next day. It was recently reported that White Gold Corp’s drill results at its JP Ross property saw high-grade gold intercepts of 5 newly identified drill targets in close proximity to the company’s other projects. Why this is important for Agnico is based on its co-investment (along with Kinross) to back its 2019 exploration program.
“We are very excited by these new discoveries in such close proximity to the Vertigo and Titan in our initial drill campaign on these targets. These drill results continue to validate the abundance of high-grade mineralization on the road accessible JP Ross Property, and the regional scale of the mineralized system,” stated Shawn Ryan, Chief Technical Officer of White Gold.
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