Are These Gold Stocks On Your Radar Today?
Over the course of 2019, the rally in gold stocks was one of the most remarkable events. It saw the price of the precious metal rising to its highest levels since 2013. While that rally was primarily due to the United States-China trade war, the situation changed in recent days due to another reason.
The outbreak of the deadly coronavirus in China has resulted in fresh turmoil in the markets, and it is yet unknown how bad the whole situation can get. That saw another rally in the precious metal. In such a situation, here is a look at a few gold stocks that could be considered by investors.
Gold Stocks To Watch #1 NovaGold Resources
The first gold stock that could be on watch lists is that of NovaGold Resources Inc. (NG – Free Report). It rallied on Friday after the company reported its full-year earnings. The company’s earnings proved to be better than analysts’ estimates, and that resulted in a slight rally in the stock. In addition to that, NovaGold also announced that it had made significant progress at its Donlin Gold project in Alaska.
The project in question is a 50-50 venture in collaboration with mining giant Barrick Gold (GOLD – Free Report)(ABX). The company announced that it had $148.5 million in cash reserves at the end of the year, and it would give it the necessary financial strength to complete the Donlin project.
Gold Stocks To Watch #2 IMC International Mining
Next, IMC International Mining (IMCX – Free Report) continued to surge on Monday. Shares churned between $0.36-$0.38 CAD while the broader gold sector did the same. This is one of the growing number of junior gold stocks which have traded higher this month. Much of this positive sentiment can also be attributed to growing bullish speculation on the gold sector itself. When this niche does well, juniors tend to outperform the larger gold stocks.
Take the VanEck Junior Miners ETF (GDXJ – ETF Report) for example. It has continued to outperform other ETFs like the SPDR Gold ETF (GLD – ETF Report). As The Street properly put it, “the juniors tend to be more volatile than the majors, jumping faster in rallies, and falling further in routs. Now that gold prices seem to be on the march higher we can expect juniors to race ahead of the major gold stocks.”
Much of the attention surrounding IMC has been focused on its Bullard Pass property. Not only does it have historic production but geological reports suggest it to hold potential for more gold discovery. One such report went as far as saying, “the mineralogic and structural similarities of the Bullard and Copperstone districts suggest that potential exists for a major gold deposit in the area of the Bullard district.” Shares of IMCX have climbed by as much as 60% during the month of January so far.
Gold Stocks To Watch #3 Endeavour Mining
The other gold stock that could be the focus at this point in time is that of Endeavour Mining (EDV – Free Report), which provided its production results for 2019. The company revealed that in 2019, its gold production rose by as much as 6% to hit 619,000 ounces.
Additionally, it managed to meet the projections that had been made by Endeavour, albeit it met the lower end of the 650,000 ounces to 695,000 ounces range that had been projected by the company. That being said, it is still a commendable performance and rising production during the time of gold prices can only be a good thing for the company. Investors might keep an eye on the stock in the near term.
Gold Stocks To Watch #4: Yamana Gold
Week after week, Yamana Gold (AUY – Freee Report)(YRI) has managed to hold its uptrend. Furthermore, along the way, shares have made new 52-week highs over consecutive days. Monday was no different. During the early morning session, the gold stock reached highs of $5.54 CAD.
This is a level Yamana Gold stock hasn’t seen since 2016. The company recently provided preliminary production results as well as revised, full-year guidance. The company saw strong production momentum with Q4 figures coming in at 221,595 ounces of gold and 2.97 million ounces of silver. Its full-year production came in at 900,339 ounces of gold and 10.6 million ounces of silver. Both exceeded previous guidance figures.
Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp. (CSE: IMCX) (IMIMF), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to July 9, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) (IMIMF) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX) (IMIMF). Click Here For Full Disclaimer.
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