After having slumped on Wednesday, gold prices rebounded. This came after the latest comments from the United States Federal Reserve. The Fed stated that due to the breakout of the coronavirus, the economic situation in China could be affected in the short term.
Soon enough, the price of spot gold rose by 0.1% and hit $1578.05 per ounce. Thursday saw gold futures surpass $1,586 during the morning session as well. In such a situation, one could take a look at some gold stocks which might benefit from the rally.
Gold Stocks To Watch in February #1 McEwen Mining
One of the gold stocks that could be considered by investors in this situation is that of McEwen Mining Inc (MUX – Free Report). Shares rallied early on Wednesday after the company published its production report for 2019. The company announced that in 2019, it produced 134,316 ounces of gold and 3,365,846 ounces of silver.
The report was welcomed by the market, and the stock rallied as investors flocked to the McEwan stock. It gained 7% on Wednesday while that same momentum continued on Thursday.
Gold Stocks To Watch in February #2 IMC International Mining
Next, IMC International Mining (IMCX – Free Report) (IMIMF) has continued to impress investors looking for top gold stocks this year. Since the beginning of the month, shares of the gold exploration company have soared over 60%. Yesterday the stock hit its highest levels since going public.
Junior gold stocks have taken a seat at the table over the last year and for good cause. A number of these smaller companies have staked claims to significant potential discovery zones. Obviously due to lower access to large amounts of capital, strategic deals have become almost mainstream. This is likely why investors have shifted attention to the juniors.
As for IMC, the company has staked 22 claims on its 100% owned Bullard Pass property and has staked additional claims to increase it to 171 claims. In past geological surveys, mineralogic and structural similarities of the Bullard and Copperstone districts “suggest that potential exists for a major gold deposit in the area.” Based on this potential for “major” gold discovery, it doesn’t seem unlikely as to why IMC International has seen attention build over the last few weeks. Will that continue as investors flock to safer havens following new updates on the coronavirus?
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 in February #3 Hecla Mining Company
Another gold stock worth tracking is that of Hecla Mining Company (HL – Free Report). Shares rallied earlier this month after it released its production report for 2019. Hecla revealed that it produced 12.6 million ounces of silver and 272,873 ounces of gold.
Gold production went up by as much as 4%. This proved to be the best ever quarter for the company with regards to the precious metal. The stock rallied by 7% yesterday. Furthermore, thanks to such progress, Hecla gold stock has attracted attention from the analyst community.
Both RBC and CIBC upgraded price targets to $2.75 and $3.75 respectively. Furthermore, CIBC upped its rating on the gold stock as well. Previously Hecla was rated at “Underperform,” and now the CIBC rating is at “Neutral.”
Gold Stocks To Watch in February #4: Bluestone Resources
Another mining stock to watch right now is Bluestone Resources (BSR – Free Report). The company focuses on building out is Cerro Blanco Gold project in Guatemala. According to the company, this project showed results from a feasibility study demonstrated potential for “robust economics.” The average annual production is expected to be upwards of 146,000 ounces over the first 3 years.
This month the company announced the appointment of a new CEO, Jack Lundin. The current President and CEO, Darren Klinck will continue to hold his role as President of the company. Furthermore, Bluestone has just obtained a $30 million credit facility to direct toward the company’s Cerro Blanco gold project.
Darren Klinck, President and former CEO, commented, “We are pleased to receive this support from Natixis and The Lundin Family through Nemesia S.à.r.l. The credit facility reflects a strong endorsement for the Project and will allow us to continue advancing financing initiatives and commence engineering & development activities.”
Gold Stocks To Watch in February #5: Balmoral Resources
Finally, Balmoral Resources (BAR – Free Report) pushed toward new highs for 2020 on Thursday. Since late May of last year, the gold stock has managed to move up as much as 415%. Recent trading activity shows the stock trading just shy of its 52-week highs. This month Balmoral was named to the 2020 OTCQX Best 50 list.
In addition to that, the company has focused intently on its Area 51 gold system on its Fenelon Property in Quebec. Darin Wagner, President and CEO of Balmoral explained, “We are very pleased with the early results from the extensive geophysical program being completed at Fenelon, and are in the process of permitting several additional drill sites targeting gold mineralization in Area 52, Area 51 West, and along the Ripley/Sunday Lake gold trends.”
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