Top Gold Stocks To Watch Right Now
While coronavirus fears fuel global economic uncertainty, some investors are more closely monitoring central banks. The International Monetary Fund outlined several risks facing the global economy right now that focus on more than just COVID-19. Mounting trade tensions between the U.S. and China in addition to low-interest rates, for example, have prolonged the economic slowdown.
The U.S. Central bank reiterated its decision to hold on rates. But they also explained that they would be flexible to adjust if conditions shifted. But right now, global growth appears to be on hold across the board. It’s also expected that the Fed will stay on the sidelines during the election year. With the G20 Summit going on right now, a lot will likely be revealed this week in response to all of this.
The United States, Japan and the eurozone are meeting in Saudi Arabia. The meeting of finance leaders from the world’s top 20 economies will see open lines of communications between top central bankers to discuss the road ahead.
Top Gold Stocks To Watch
“The major central banks all face similar problems, including how to deal with another economic downturn. They’ve been discussing this topic for a while. It’s about time they come up with some form of conclusion,” said an executive of one of the banks present at the G20 meeting on conditions of anonymity to Reuters.
Given this, the question of gold’s bull market has also come up. Gold prices have already hit fresh highs of $1,691.70 before the market open on Monday. Will this week mark yet another chapter of this year’s epic uptrend? Here’s a list of gold stocks to watch during the last week of February.
Top Gold Stocks To Watch: IMC International Mining
IMC International Mining (IMCX – Free Report) (IMIMF) has been one of the top gold stocks of the year so far. Since early January, shares of the junior gold discovery company have managed to rally by 100%. Meanwhile, as gold continues to climb, it’s possible that the market will be focused on junior gold stocks to watch.
This morning the company made another big announcement following its previous acquisition news. Aside from raising more cash, the company has appointed a new Chief Financial Officer, David Charlton. He succeeds Eli Dusenbury. Over the last two months, the company has been expanding on its current model which includes mining properties already under ownership. With its Bullard Pass Property in Arizona as a current asset, the latest proposed acquisition of Thane Minerals in British Columbia could dramatically increase the company’s holdings.
Thane owns 100% interest in the Cathedral Project. It’s in an area called the “Quesnel Terrane” which is rich in mineralization perfect for gold discovery. In fact, just North West of this region is an area called “The Golden Triangle,” which hosts some of the richest gold ore bodies in the world. Will the price of gold in addition to IMC’s latest updates continue the latest bull trend?
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 To Watch: Barrick Gold Stock
Next, Barrick Gold stock (GOLD – Free Report)(ABX) is another one of the top gold stocks to take a look at this week. Shares gapped up during premarket trading on Monday. After closing last week at $21.44, Barrick gold stock jumped as high as $22.68 before the opening bell.
The latest move comes as bullish analyst sentiment has supported continued bullishness from the sector. Canaccord Genuity analyst Martin Roberge has an Overweight rating on gold and gold miners. He explains that “despite the S&P500 pushing to record highs, gold has risen above its levels from August. Its rise has also coincided with a strengthening dollar–another contradiction unless gold is on the rise as a safety bet. He also notes gold has historically performed well in low-interest-rate environments.”
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Furthermore, amid already record earnings from a number of gold miners, the rising price of gold bodes well for future quarters. Since the beginning of the year, gold prices have skyrocketed. On January 2, gold traded around $1,572. Fast-forward to this week and the precious metal has seen its price jump over 7%.
Top Gold Stocks To Watch: Yamana Gold Stock
Next, Yamana Gold stock (AUY – Free Report)(YRI) has also benefited handsomely from the rising price o gold. Similar to Barrick gold stock, Yamana gapped up during premarket trading on February 24. Shares firmly broke to $5 per share. Considering that Yamana gold stock hasn’t traded at these levels since August of 2016, you could say this is a historic moment.
But it hasn’t just been the price of gold that has pushed momentum this week. The company reportedly sold a portfolio of royalty interests at the Deep Carbonates Project at its Gualcamayo gold mine. Guerrero Ventures is the buyer and paid $65 million for the interests and contingent payment to be received upon declaration of commercial production.
This comes after the company provided an update on its exploration program and plans to “unlock value” from advancing exploration projects. Henry Marsden, Senior Vice President of Exploration at Yamana. “We believe that investing in a generative exploration program today will secure our future tomorrow. We have strong prospects in mine-friendly jurisdictions that we know well, and we are confident that they will become a cornerstone of Yamana’s next generation of mines.”
Top Gold Stocks To Watch: Kinross Gold Stock
Finally, Kinross Gold stock (KGC – Free Report) has followed suit with the rest of the sector this morning. Like Yamana and Barrick, Kinross gold stock gapped up considerably on the 24th. After closing at $5.96 on Friday, shares leaped to highs of $6.49 on Monday morning. Since the beginning of the year, this gold stock has been on a relatively consistent uptrend. The latest spike in coronavirus cases has helped boost sector stocks like this even higher.
It’s important to note that fundamentals may support the current move in gold. Unlike other sectors where hype plays a bigger role, right now the hype around gold may be warranted. Traditionally, when geopolitical or global economic headwinds are in play, investors seek safe-havens. Considering the low-interest environment along with the economic slow-down, gold could be one of these safe-havens.
As for Kinross gold stock, analysts remain bullish on the company. Raymond James maintained its $6.50 price target. Additionally, the firm continues to hold an “Outperform” rating on the stock. This comes after the company added 7.7 million gold ounces to its estimated measured and indicated resources a few weeks ago. J. Paul Rollinson, President, and CEO, said in an update, “We are excited about our newly acquired high-quality Chulbatkan project, which we expect to be a substantial open pit, heap leach mine. The project has a strong base case and good upside potential, and we have a substantial drilling program planned for 2020 with the goal of adding to its resource estimates by year-end. We are also proceeding with the La Coipa Restart project, which has strong economics, adds to our production profile, and provides the option to continue studying opportunities in the area.”
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