This week has seen several big events that shook the global economy. First, the International Monetary Fund said global growth is slowing. This was ahead of the World Economic Forum’s annual meeting in Switzerland.
But there is more going on besides these events that could put eyes on safe havens right now. We’ve also got to take into account the pending U.S. Presidential Impeachment hearings set for this week.
The U.S. Senate adopted a set of rules that will govern its impeachment trial. This came after 13 hours of debate. As opening arguments are set to begin, there will likely be much more attention to the impact it has on global markets too.
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Trump recently lauded the U.S. economy for its strength during the time he was President. However, there are other factors in play that may add a bit more risk to this equation. For example, the stimulus from the 2017 GOP tax law runs out this year.
That’s just one of a few things to take into consideration as far as economic strength is concerned. In any case, mining stocks and gold stocks have been in focus amid all of these world events. Here are some that have performed-well during recent sessions.
Gold Stocks To Watch Right Now
Assuming you’ve watched the trends of certain gold stock and gold mining ETFs, you’re likely wondering which gold stocks to watch. For the most part, ETFs like the SPDR (GLD – EFT Report) have traded sideways for most of 2020. But even with this as the case, there are several gold stocks gaining ground amid this recent bout of economic and market uncertainty.
Coeur Mining, Inc.
First, on this list of mining stocks, Coeur Mining (CDE – Stock Report) hasn’t had an easy year so far. Since opening near its 52-week high on January 2, shares slumped during the weeks to follow. In fact, CDE stock hit its lowest levels this year on Tuesday (1-21). But what has transpired over the last few hours show reinterest from the market. Coeur stock has recovered by 9% so far.
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What initially triggered the downturn in the stock was its fourth quarter and full-year production and sales results. Though many of the production results came in strong, they were slightly lower than that of the same time in 2018. Needless to say, full-year 2019 production totaled 359,418 ounces of gold, 11.7 million ounces of silver, 17.1 million pounds of zinc and 16.6 million pounds of lead.
Something to keep in mind is what’s up next for Coeur. The company will issue full-year guidance for 2020 production and costs on February 19. It comes in tandem with the release of the company’s Q4 and 2019 financial results. Though there is still some time before this, it’s good to keep important dates like this in mind as they can pose as potential catalysts for certain stocks.
IMC International Mining
One of the recently discussed companies among gold stocks, IMC International Mining (IMCX – Stock Report) has just begun to trend higher this month. The junior exploration and development company has moved from $0.25 to highs of $0.37 within the last few weeks as attention on junior mining stocks has increased.
The company has focused on its exploration and development assets in Arizona. Its 100% owned Bullard Pass Property has shown past production to the tune of 614,000 pounds of copper, 3,600 ounces of gold, and 15,000 ounces of silver from 17,000 tons mined that occurred between 1933 and 1956.
Furthermore, the company is lead by an experienced team with a hand in big industry deals. For example, its CEO, Brian Thurston was an instrumental part of the initial exploration and development of Aurelian Resources’ Ecuador project. Aurelian was later acquired by Kinross Gold in a $1.2 billion friendly deal.
First Quantum Minerals
This isn’t the pure-play gold stock like we’ve seen with others. First Quantum Minerals (FM – Stock Report) also produces copper, nickel, zinc, silver, and acid as well as gold. In a little more than 3 weeks, the company will report earnings.
Shares of FM stock have been locked in a trading channel between $11.80 and $13.45 for weeks now. This, of course, came as unrest in the Middle East seemed to have subsided and the U.S. and China came to a Phase 1 agreement.
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However, in light of recent events, this may have trigged the interim rally that the mining stock has seen this week. Furthermore, as Bank of Canada maintained its rate target of 1.75 as expected. However, it did open up more questions as to a potential cut if a Canadian economic slowdown drags on. Thanks to this, many Canadian-based miners benefited in the market. If more cuts are on the horizon, will this trigger more momentum for sector stocks?
Ximen Mining Corp.
Shares of Ximen Mining (XIM – Stock Report) have been on a solid uptrend for a few sessions now. Last week, Ximen traded around $0.30 and has since managed to jump to highs of $0.42 this week.
The company is planning to conduct surveys this year follow by drilling with permitting to begin thereafter. Its main goal is to find extensions and parallel veins on its property.
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The company currently has ownership in the Amelia Gold Mine as well as others. These include the recently acquired Kenville Gold Mine, the Brett Epithermal Gold Project, the Gold Drop Project, and the Treasure Mountain Silver Project. This week the company unveiled its plan for the Kenville Mine and Brett Epithermal Gold Property.
Generation Mining (GENM – Stock Report) has continued to trade higher this week. This extends its bull run that started back in December of last year. At the time, the stock traded around $0.22 and since then it has skyrocketed to highs of $0.70 so far.
The initial move started after the company announced that it increased its mineral resource at its Marathon Palladium Property. Following this, the company immediately began exploration drilling. This month, Generation Mining reported results of a positive independent Preliminary Economic Assessment study for the Marathon project.
According to key highlights, this could be a larger project for the company. Generation explained that “the Project would produce an average of 194,000 palladium-equivalent ounces per year over a 14-year mine life (including credits for copper, platinum, gold and silver).”
Next, Orla Mining (OLA – Stock Report) saw its stock reach fresh 52-week highs this week after hitting $2.34 on Wednesday. This comes just about a month after the company announced that its gold project in Mexico is advancing toward production.
Orla was able to obtain a $125 million project financing facility to develop its Camino Rojo Oxide Gold Project to support the development. The company also received approval by the board for construction spending or continued engineering.
With the continued support of local communities, various levels of government, shareholders and now lenders, we can advance toward production by initiating construction in the coming months once the final permit is received,” stated Jason Simpson, President and Chief Executive Officer.
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