Gold might have had a bit of a rollercoaster this past week. But eventually, it gained further after the holiday season in China concluded. The gains in gold stocks have been recurring over the past few weeks, which continued a larger bull trend that began in 2019. Furthermore, analysts expect the current week to pan out in much the same way.
Some believe that the price of gold could rise further and hit as much as $1600 an ounce in the near term. In such a situation, investors have turned their attention to gold mining stocks. Here is a quick look at five of those.
Gold Stocks To Watch #1 OceanaGold
One of the gold stocks that could be considered by investors at this point in time is that of OceanaGold (OGC – Free Report). It reported its gold production output for 2019 on Friday. The company’s performance in the quarter ending in December proved to be a major positive. Its gold production rose by around 20% year on year.
Considering the current price of gold, it could prove to be a big boost for OceanGold. Gold production for the year stood at 470,601 ounces, while sales jumped to 107,300 ounces from 94,300 ounces.
Gold Stocks To Watch #2: IMC International Mining
Next, IMC International Mining (IMCX – Free Report) (IMIMF) has been climbing amid coronavirus shock. The economic uncertainty has brought more attention to the gold sector with junior gold stocks benefiting. Since the beginning of the month, shares of IMC International have been on the rise. On January 8, the gold stock traded around $0.25CAD and has since jumped to highs of $0.42CAD.
Much of the focus has been on its Arizona property, the Bullard Pass. Historic results have shown previous production on the property. Furthermore, a geological report suggests that “potential exists for a major gold deposit in the area of the Bullard district.”
Beyond this, the company has been increasing its cash position. IMC International recently raised capital in tandem with its new U.S. listing under the symbol “IMIMF.” With the rise in gold prices this year, companies like IMC International could benefit as small caps have become a big focus. In a Barron’s article, well-known stock picker Charles “Chuck” Royce has one thing to say. Royce said, “Value isn’t dead. Neither is active management—and small-caps are headed for a revival.”
Gold Stocks To Watch #3 Comstock Mining
Another gold stock that may deserve attention from investors at this point is Comstock Mining (LODE – Free Report). It recorded gains of as much as 75% in January. Earlier on in the month, the company announced that it had agreed to sell two properties at Silver Springs. In addition, it also sold more than 200 acre-feet worth of senior water rights.
The company received $10 million due to the sale. Since then, the stock has been in the middle of a rally. From the beginning of January to this week, shares of LODE have jumped more than 90%. The mining stock reached highs of $0.85 so far this week. This is a level that hasn’t been seen since August of last year.
Gold Stocks To Watch #4 Coeur Mining
Coeur Mining Inc (CDE – Free Report) has emerged as one of the other gold mining stocks to watch. Last week it emerged that Allianza Minerals Ltd signed an Option Agreement with a subsidiary that is 100% owned by Coeur.
The subsidiary in question is Tim Property, and the agreement is in relation to a property in Yukon Territory. Tim Property is trying to mineralization of high-grade silver zinc. Under the deal, the Coeur unit can earn an 80% project stake. That would come after funding about $3.6 million CAD in exploration activities of a five year period.
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It would also need to complete $575,000 CAD in cash payments over eight years. Though shares pulled back at the start of Monday’s session, CDE has bounced from morning lows of $5.74 on February 3. Will this trend continue during the rest of the month?
Gold Stocks To Watch #5 Gold Resource
Lastly, Gold Resource Corporation (GORO – Free Report) could get attention from investors this week. It comes after the stock rallied this past week. On January 29, the company revealed that the drilling results from its property at Scarlet were positive. The company could have also hit on a new gold deposit. The company’s near-surface ore grade gold intercepts showed potential for additional deposits on the site.
“We are excited to see the first drill program at Scarlet return very encouraging results including twenty-four meters of over one-gram per tonne gold starting just one and a half meters from the surface,” stated Mr. Barry Devlin, Vice President of Exploration.
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