4 Gold Stocks Aiming For New Highs This Month
Today, gold prices have steadied a bit after the release of United States economic data. However, the precious metal managed to claw back after pulling back earlier this week. This morning it reclaimed its position above $1,570 an ounce before the opening bell. Friday’s economic data focused on nonfarm payrolls and the jobless rate.
Though payrolls came in much higher than expected, the jobless rate increased to 3.6% of the workforce. Furthermore, the Labor Department revised some previous employment figures lower. That might suggest job growth could dramatically slow this year.
Even with U.S. job growth increasing last month, the report showed the economy created 514,000 fewer jobs compared to initial estimates, between April 2018 to March 2019. In such a situation, it could be worthwhile for investors to have a look at gold stocks. Here is a quick look at 4 of those.
Gold Stocks To Watch #1 Hecla Mining
The first gold stock to watch is that of Hecla Mining (HL – Free Rreport). The company declared its quarterly earnings this week. Though the earnings per share stood at the break-even level the company posted revenues of $224.95 million. However, analysts had projected that that company would record earnings per share of $.01.
“2019 was a tale of two halves where the second half had higher production, higher prices, better earnings and more cash flow. The strong third and fourth quarters markedly improved our financial condition, putting us in a better position to refinance the Senior Notes.”Phillips S. Baker, Jr. , President and CEO
Furthermore, the company expects 2020 to see continued cash flow and performance. Shares of Hecla Mining were up over 11% to close at $3.43 in Thursday’s trading session. The stock is just 2% away from its 52-week high of $3.51.
Gold Stocks To Watch: IMC International Mining
Next is a company that has been outperforming the gold sector this year. Shares of IMC International Mining (IMCX – Free Report) (IMIMF) have climbed nearly 80% since January 8th. In comparison to the broader gold sector and ETF’s like GDXJ, GDX, and GLD, IMC International has been one of the top-performing gold stocks this year. Furthermore, shares have also just begun trading in the U.S. adding to its overall market exposure.
The main focus for investors has hinged on the companies plans for exploration and development of gold projects. At present, the company’s 100% owned Bullard Pass property has not only shown historic production but has also been sought after by some of the industry’s largest mining companies (read more on Bullard Pass). Right now the company has staked 22 claims on the property and has staked additional claims to increase it to 171 claims. The company has also cited it will explore other opportunities, worldwide.
With higher expectations for an economic slowdown, it’s no wonder why some of the largest investors continue to suggest gold as a hedge. Legendary investor Paul Tudor Jones said that gold is his favorite trade for the next year or two, “I think one of the best trades is gonna be gold. If I had to pick my favorite [bet] for the next 12 to 24 months, it’d probably be gold.” The yellow metal “has everything going for it.”
Gold Stocks To Watch #3 Gold Fields
Gold Fields Limited (GFI – Free Report) provided an estimate of its earnings for the full year 2019 this week. As we’ve seen from other companies like Barrick Gold, in such a situation, it could be prudent for investors to keep an eye on the company. Gold Fields revealed that it expects the earnings per share for the full year to be in the range between $0.19 and $0.21.
That is higher than the company’s earnings per share in the full year 2018. That’s when it recorded earnings per share of $0.07. Furthermore, Gold Fields has realized stronger production and benefited from higher gold prices. The company’s also focused on decreasing its cost of sales in 2019. On Friday, the stock traded higher during premarket hours to highs of $6.90. This has extended a 3-day rally to more than 11% so far.
Gold Stocks To Watch #4 Novagold
Lastly, Novagold (NG – Free Report) may also deserve attention right now. Shares jumped to highs of $9.29 during Friday’s morning session and marked new highs for the year.
The company made a major announcement this week that could prove to be a major positive for Novagold. It received the final State Right of Way approval from the Alaska Department of Natural Resources for its key Donlin Gold Project on January 17 this year.
It is one of the company’s most important projects, which it owns equally with gold mining behemoth Barrick Gold (GOLD – Free Report). Like Barrick Gold stock this week, Novagold stock traded higher amid the boom in gold prices.
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