Safe-haven investments have seen higher demand lately. Rightfully so after so many have sought out hedges against risk. But little has changed as far as the economy’s been concerned. This is likely why major outlets aren’t screaming about finding gold stocks to buy right now. That could eventually change. Potential issues could arise on several fronts including the U.S. economy.
Increased government borrowing has become a growing concern. In the last quarter alone, the U.S. government incurred a deficit of over $350 billion according to the Treasury Department. This saw the total budget deficit climb past $1 trillion in 2019. This was the first time the deficit hit that figure since 2012.
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The International Monetary Fund came out with its take on the global economy this week too. According to the IMF, it expects global growth to be slower this year. It revised its forecast to 2.9 for 2019 and 3.3%-3.4% this year. It also noted that there could be further tensions between the U.S., EU, and China. So, with this, it may be time to start looking at some mining stocks to watch right now.
Top Mining Stocks To Watch: Wallbridge Mining Company Limited
Wallbridge Mining Company Limited (WM – Free Report) has been climbing steadily since mid-October. At the time shares traded around $0.32. It has since climbed to over $0.75 this month. During that period, the company has achieved several key milestones. This includes significant assay results from an ongoing drill program on its Fenelon Gold Property.
The company also appointed new directors and also was able to raise several million to develop its properties further. Recently the company announced the outline of new open-pit potential in “Area 51” on its Fenlon Gold Property.
The wide intersections of near-surface gold mineralization, such as 1.21 g/t Au over 70.99 metres in hole FA-19-080, identified in the Andromeda Corridor of Area 51, have the potential to positively impact the overall economics at Fenelon”, stated Marz Kord , President & CEO of Wallbridge in a January press release.
Top Mining Stocks To Watch: Detour Gold Corporation
Detour Gold Corporation (DGC – Free Report) has been trending higher since November of last year. This week shares headed higher on the back of global economic news. But that’s not the only reason investors are watching Detour right now.
After reporting its Q4 and fiscal 2019 production results, something else happened that triggered big attention on the company. Kirkland Lake Gold (KL – Free Report)’s bid won backing from two proxy advisory firms. Glass Lewis & Co., as well as Institutional Shareholder Services, recommended shareholders to vote for the takeover. This has been an open checkbox since November when Kirkland first came in with an offer to buy Detour at a premium.
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According to Institutional Shareholder Services, “The premium, albeit muted as a result of the post-announcement decline in the acquirer’s shares, also appears more meaningful in an M&A environment that promotes deals that offer synergies in the place of control premiums.”
Top Mining Stocks To Watch: Eldorado Gold Corporation
Finally, Eldorado Gold Corporation (ELD – Free Report) headed slightly higher on Friday. Over the last 2 weeks, shares of the gold company have been range-bound between $7.12-$7.54. However, it hasn’t slowed the company down from executing on its initiatives.
Earlier this month Eldorado reported its annual production guidance for 2019. This came in-line with initial guidance given earlier in the year. As far as production figures are concerned, Eldorado saw 395,331 ounces of gold production for the year. This included 118,955 ounces in the 4th quarter.
Furthermore, the company also announced a new Executive VP and COO. Joe DIck joins the company with over 30 years of operational and leadership experience in mining companies. These include organizations like Rio Tinto, Barrick, and Goldcorp.
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