Top Gold Stocks To Track This Week
The stock markets around the world have been plagued by uncertainties due to a range of factors. That has resulted in a significant rally in gold recently. There is widespread fear about a global recession, and hence, many investors are moving into safer assets like gold stocks.
Beyond that, the US markets opened dramatically lower today. The S&P dropped 900 points at one point. Concerns over the widespread impact of COVID-19 have taken up most of the news cycle to start the week.
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However, gold has outperformed the stock markets in general over the last few months. In such a situation, it could be worthwhile for investors to take a look at some of the top gold stocks in the market. Here is a look at a few such gold stocks.
Best Gold Stocks To Watch: B2Gold
One of the gold stocks that could be considered by investors is that of B2Gold (BTG – Free Report). The company has grown at a decent clip over the past few years and currently owns 5 gold mines in Nicaragua, Philippines, and Nigeria.
The important upcoming trigger for the B2Gold stock is expected to be its quarterly results. Analysts are predicting earnings per share to rise by as much as 600% year on year to $0.70. Additionally, higher gold prices are also expected to be a significant factor in the company’s performance.
This morning B2Gold stock reached new 52 week highs of $4.93 during the normal morning session. However, during premarket trading, the gold stock traded as high as $5.32.
Best Gold Stocks To Watch: Franco-Nevada
The other gold stock to watch right now is Franco-Nevada (FNV – Free Report). It has emerged as one of the fastest-growing gold stocks. Over the past year, it has recorded a growth of 75%. But this hasn’t come without additional factors outside of rising gold prices. With the upcoming quarter, analysts have grown more bullish on the company. They expect sales to increase by 24.6% in the financial year 2019 to hit $813.66 million.
Its production capacity is steady as well. That is also another reason why investors could keep an eye on the Franco-Nevada stock right now. In its last update, the company declared a quarterly dividend and provided more details on the upcoming financial results.
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Franco-Nevada plans to release results on March 9th after the market close. There will be a conference call the following day during market hours. So if FNV stock is on you watch list right now, this may be an important date to keep in mind.
Best Gold Stocks To Watch: Asanko Gold
Asanko Gold Inc (AKG – Free Report) could also prove to be an interesting gold stock to watch right now. Last week the company provided an update on the Mineral Reserve Estimate at its mine located in Ghana. The project in question is a joint venture with Gold Fields Ltd. The company announced that the estimated, probable, and proven reserves stand at 53.4 Mt at 1.38 g/t gold for 2.38 Moz of gold contained.
“The updated Mineral Reserve Estimate for the Asanko Gold Mine is in-line with the development plan that we announced in August last year which targeted 8-10 years of mine life at a production rate of 225,000 to 250,000 ounces per year,” said Greg McCunn, Chief Executive Officer.
“2020 and 2021 are both expected to be good years for the mine with projected strong free cash flow. Using this updated life of mine plan as a baseline, we are launching a major cost reduction initiative at the AGM and increasing focus on exploration on our prospective 21,000 hectare land package.”
Best Gold Stocks To Watch: IAMGOLD Corporation
IAMGOLD Corporation (IAG – Free Report) could also be a top gold stock to watch right now. Earlier this month the company reported 2019 year-end results. Unlike a number of other gold stocks, IAMGOLD came in with mixed results. Attributable gold production came in at 762,000 ounces while attributable gold sales were 759,000 ounces at an average realized gold price of $1,396 per ounce. In light of certain hurdles the company faced last year, 2020 could be shaping up according to the company.
“With our strong balance sheet and pipeline of growth projects complementing our core operating assets, we are optimistic about the future at IAMGOLD. Following the institution of our self-funding model, we are making progress in generating positive cash flows on a consolidated basis.”Gordon Stothart, President and COO of IAMGOLD
This week, shares of IAMGOLD stock have shot up to new February highs. In fact, over the last few days, IAG has managed to make new highs. Despite a slower start to the year, sharers have managed to climb nearly 20% for the month so far.
Best Gold Stocks To Watch: Northern Dynasty Minerals
Finally, Northern Dynasty Minerals (NAK – Free Report) has tested new highs for the year, this week. During early trading on Monday, the mining stock reached highs of $0.709. This level was previously hit earlier in February after the company made a key update. So far, NAK stock has jumped over 60% this month.
On February 12 Northern Dynasty reported that the US Army Corps of Engineers distributed a preliminary version of a statement for one of its projects. The Final Environmental Impact Statement was for southwest Alaska’s Pebble Project. As far as distribution, the report was sent to federal, state, and local cooperating agencies.
According to the Corps of Engineers, a Final EIS and Record of Decision for the Pebble Project will be completed by mid-2020. According to Northern Dynasty, the Pebble Project is the most significant undeveloped copper and gold resource in the world.
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