Despite the publication of strong economic data in the United States, gold managed to remain steady this week. That was primarily due to the continued fear of the coronavirus epidemic. The epidemic is spreading rapidly, and there are widespread fears with regard to its effect on the global economy.
Spot gold traded flat at $1556.36 per ounce earlier this week. But it remains to be seen if another rally commences. Even in light of the market’s latest rally following China dropping some tariffs, gold futures have continued higher. In such a situation, an investor ought to consider gold mining stocks in a more serious light.
This morning it was announced that China will cut tariffs on some $75 billion of imports from the U.S. later this month, reciprocating a U.S. action and likely satisfying part of the interim trade deal. That sparked stronger bullish sentiment in the market and sent the S&P higher. Where gold might usually pullback, we’ve actually seen futures tick higher. In light of this, it may be time to start looking at gold stocks right now.
- This Gold Stock Continues To Make New Highs As Investor Interest Grows
- Mining & Gold Stocks To Watch After Latest Pull Back
- 5 Bullish Cases For Gold Stocks & How To Stay Ahead Of The Trend In 2020
Gold Stocks To Watch #1 AngloGold Ashanti
The first gold mining stock that is worth considering at this point is that of AngloGold Ashanti (AU – Free Report). The company’s Chief Executive Officer Kelvin Dushnisky stated yesterday during an interview that the company is looking to develop more profitable assets in the Americas. He went on to add that AngloGold is exploring the possibility of investing in assets located in Columbia and Nevada.
The company is currently in the process of exiting from its interests in South Africa. This new pivot could prove to be an opportunity for the company. In addition to this, B2Gold Corp (BTG – Free Report) said this month that it expects its Gramalote open-pit gold mine project in Colombia to yield 3.85 million ounces of gold. The mining company took on the role of manager of the Gramalote joint venture with AngloGold Ashanti at the beginning of the year.
Gold Stocks To Watch #2 IMC International Mining
A company we’ve discussed more frequently lately is IMC International Mining (IMCX) (IMIMF – Free Report). Shares made fresh all-time highs of $0.44CAD in Canada. As far as trading in the US goes, IMIMF also reached new highs since it started trading in the states. While several gold stocks had a tough time trading higher this month, IMC has pressed on. Its 100% owned Bullard Pass Property in Arizona has been in the spotlight. Reports on the area state that it is a “property of merit and further exploration is warranted.”
Aside from that, IMC has also focused on investigating additional opportunities on a global scale. CEO Brian Thurston has been instrumental in the initial exploration, land acquisition and development of several projects throughout his career. Aurelian Resources’ Ecuador grassroots exploration project was spearheaded by Thurston. Kinross later acquired Aurelian Resources in a $1.2B friendly deal.
In addition, other key leadership for the company includes Greg Hawkins, M.SC., P.Geo. He has been involved in both public and private ventures that collectively have accounted for over $2.1 billion in market cap at the companies’ respective peaks. Brehm Mining, Dayton Mining, Nevsun Resources, Banro Resource Corp., Tagish Lake Gold Corp., African Gold Group, and Yellowhead Mining Inc. were all ventures Hawkins was part of.
Gold Stocks To Watch #3 Hecla Mining
Another mining stock that could be an interesting proposition at this point is that of Hecla Mining (HL – Free Report). The company published its report for the fourth quarter, and the performance proved to be quite impressive. Hecla reported that its reserves of lead, zinc, and silver at the end of that quarter were the highest in the company’s history. It goes without saying that it is a significant development and one that could have a positive effect on the company.
Gold Stocks To Watch #4 Sibanye-Stillwater
The next mining stock that could be tracked by investors at this point is that of Sibanye-Stillwater (SBGL – Free Report). It is involved in the palladium space in addition to gold and other metals. According to the Chief Executive Officer of the company, Neal Foreman, the price of Palladium is not expected to drop particularly hard anytime soon.
He went on to say that there is a deficit in the market, and there are ‘no real alternatives’ to the metal. However, the market hasn’t been as kind to Sibanye over the last few sessions. SBGL stock extended losses for a 3rd straight day on Thursday. However, shares also traded within the same range that they have since the start of the year. It may be a matter of the next move for gold prices that could trigger a confirmed trend (up or down) for Sibanye gold stock.
Gold Stocks To Watch #5 Barrick Gold
Lastly, it is Barrick Gold (GOLD – Free Report) that could be a part of the list of mining stocks to watch this month. Barrick Gold stock is one of the biggest gold producers in the world. After having gone through a bit of a rough patch in the previous decade, Barrick has shown a penchant for positive growth over the past quarters.
Furthermore, the stock extended a 3-day rally on Thursday. After hitting lows of $17.63 and testing its 50 Day moving average, Barrick Gold stock bounced back to highs of more than $18.30 during the first 30 minutes of trading on February 6. Since Barrick holds key positions in the biggest gold stock ETF’s this latest move could help boost sector stocks as well. It will be interesting to see how the week ends up after coronavirus concerns subside and there’s no Presidential impeachment trial going on in the U.S.
Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp.(CSE:IMCX), Midam has been paid $200,000 for a period from January 7, 2020 to February 14, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE:IMCX) 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). Click Here For Full Disclaimer.