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Gold Stocks Rise On Latest Move In Gold Price

In a development that is expected to shift the focus to gold stocks, the precious metal continued its remarkable rally. Today it hit its highest level since early February of 2019. Gold has now managed to hit a price of $1,648.20 an ounce.

In addition to that, experts have projected that the price could eventually hit as much as $2000 an ounce. As discussed yesterday, certain underpinnings of the global economy in addition to COVID-19 fears could persist.

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Due to this impressive rally in the gold, it could be worthwhile for investors to have a look at gold stocks. Here is a look at 5 gold stocks that have made big moves already this year. Will they be set to continue outpacing the rest of the market?

Top Gold Stocks For February #1: IMC International Mining

BEST GOLD STOCKS TO WATCH IMC INTERNATIONAL MINING (IMCX)

IMC International Mining (IMCX Stock Report) (IMIMF) has hit the ground running this year. Aside from assets in Arizona at its Bullard Pass property, the company recently inked a letter of intent to acquire a company with 100% ownership of a project in British Columbia. Thane Minerals is the target and it owns 100% interest in the Catherdral Property. Just north west of this property is the prolific Golden Triangle, which has become a literal gold mine for some of the world’s largest miners.

In this latest deal, IMC intends to purchase Thane in a multi-million dollar deal. The Cathedral Project covers 51,136 acres and is situated in the Quesnel Terrane. The northern part of the Quesnel Terrane extends from south of the Mt. Milligan Mine northward to the Kemess Mine, with the Cathedral property located midway between these two copper-gold porphyry deposits.

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.

According to the company, “The Mount Milligan copper-gold porphyry deposit contains a combined Measured and Indicated Mineral Resource of 243.9 million tonnes (Mt) at 0.134% Cu and 0.226 grams per tonne (g/t) Au containing 717.7 million pounds (lbs) of copper and 1,769,000 ounces (oz) of gold and an Inferred Mineral Resource of 11.0 Mt at 0.306 g/t Au and 0.125% Cu, exclusive of Mineral Reserves.”

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.

Top Gold Stocks For February #2 Barrick Gold Stock

best gold stocks to watch Barrick Gold (GOLD)

The next on this list is Barrick Gold stock (GOLD Stock Report)(ABX). Large gold producers stand to gain significantly due to higher gold prices. Barrick aims to produce 5 million ounces of gold this year.

What’s also helped boost shares of Barrick gold stock has been strong earnings. Earlier this month the company reported better than expected results. The company saw improved reserves and resource bases. Mineral reserves jumped about 14.5%. Furthermore, reserves now stand at 1.3 billion tons for 71 million ounces of gold. The company also expects strong growth from its mines.

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These include Goldrush, Robertson, and Pueblo Viejo. For the year, Barrick produced 4.8 million ounces of gold in 2019. Now that the company has gotten the ok to sell 90% of its Senegal project, Barrick could also begin refocusing additional efforts on its other targets. In light of these latest developments, the company also increased its dividend by 40%. Shares of Barrick gold stock reached highs of $21.34 during premarket trading on Friday.

Top Gold Stocks For February #3 Alamos Gold Stock

gold mining stocks to watch Alamos Gold (AGI)

Next, Alamos Gold Inc. (AGI Stock Report) has emerged as another gold stock that could be worth tracking. This comes after it rallied by as much as 13% so far this week. Gains extended further before the February 21 open with Alamos gold stock breaking above $7 for the first time since September of last year. In the fourth-quarter earnings released on Wednesday, the company reported net earnings of $31.1 million, which works out to eight cents a share.

In the prior-year period, Alamos posted net earnings of $4.3 million. Gold production came in at 122000 ounces, which was in line with projections. Additionally, operating revenue for Q4 rose to $186.0 million from $163.1 million in the prior-year quarter. This beat the consensus estimate of $182.8 million.

“We reported a solid fourth quarter and 2019. We met our production guidance for the fifth consecutive year, and we met our cost guidance with a 10% reduction in total cash costs from a year ago. Stronger gold prices and lower costs drove a 40% increase in operating cash flow,” said John A. McCluskey, President, and Chief Executive Officer

Top Gold Stocks For February #4 Newmont Gold Stock

gold stocks to watch Newmont Mining (NEM)

However, things got off to a better start for Newmont (NEM Stock Report) as well this week. It managed to beat quarterly earnings expectations. Consequently, the company’s stock rose by 11.7% since last Friday. Owing a lot to the mix of strong earnings and gold price appreciation, Newmont gold stock has been explosive this month as well.

Profit nearly doubled, and that was a direct consequence of the higher bullion prices. On top of that, the world’s biggest gold miner reported that gold production in Q4 soared by as much as 27% to hit 1.83 million ounces. It has emerged as a stock that could be in the radars of many investors who are looking for value in gold stocks.

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Tom Palmer, President and Chief Executive Officer explained, “We returned $1.4 billion to shareholders through dividends and share repurchases and as we enter our centenary year, Newmont is well positioned with the industry’s largest reserve base strategically located in top-tier jurisdictions that enables us to sustain production and generate robust cash flow across price cycles.”

Top Gold Stocks For February #5 Harmony Gold

gold stocks to watch Harmony Gold Mining Company (HMY)

Lastly, investors could also consider having a look at Harmony Gold (HMY Stock Report). It has performed impressively since February 12. Harmony gold stock has gained as much as 33% since then.

The stock started climbing after it emerged that Harmony is all set to acquire the remaining assets of AngloGold Ashanti in South Africa. Harmony will pay $200 million for the assets. Aside from this, the gold stock has greatly benefitted from a stronger gold price this year. While South Africa has been generally avoided by certain companies, Harmony sees it as holding strong potential for the company.

“We don’t think it’s a bad thing to be the last man standing,” Harmony Chief Executive Officer Peter Steenkamp said on a conference call.

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GoldStocks.com Disclaimer:

GoldStocks.com is owned and operated by Midam Ventures, LLC. 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). Read our full disclaimer here.


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