Gold Stocks Soar As S&P Earases Gain For The Year
Gold has been in the middle of a remarkable rally over the past few sessions. It rose by more than 1% this morning and made a new multi-year high. The rally today is due to concerns over the spread of coronavirus outside of China.
In addition, economists are also tracking its impact on global economic growth. Safe haven buying is taking gold prices higher globally. Data showed coronavirus is spreading outside China rapidly. Cases in South Korea have touched over 700, with eight confirmed deaths to date.
The precious metal seems to be on track to hit its highest level in seven years. In such a situation, it is important for investors to consider having a look at gold stocks. Here is a quick look at three gold stocks that could be worth tracking.
Gold Stocks To Watch #1 AngloGold Ashanti
The first gold stock to track during the middle of this gold rally is that of AngloGold Ashanti (AU – Free Report), which posted its earnings for the full year today. The company’s earnings for the year and cash flow recorded big gains. As a result, the stock has soared by as much as 9.60% over the last 2 days.
Earnings for the financial year 2019 soared by 72% to hit $379 million, which works out to earnings per share of $0.91. The earnings were enhanced by higher bullion prices. With 52-week highs in reach, will gold’s latest boom help give AU shareholders a new milestone in share price?
Gold Stocks To Watch #2 Wheaton Precious Metals
On the other hand, Wheaton Precious Metals (WPM – Free Report) could be another gold stock worth following. The company reported this month that its full-year gold production stood at 7,06,900 equivalent gold ounces. The final tally surpassed the company’s own projections of 690,000 equivalent gold ounces.
According to the company, average production over the next five years is expected to increase. This is primarily due to continued production growth from its Peñasquito, Constancia, and Stillwater projects. The company will also begin Voisey’s Bay stream in 2021. The announcement was welcomed by the market, and the stock rose by 1.50% on Monday. Highs of $34 marked fresh 7 year highs for the gold stock as well.
Gold Stocks To Watch #3 Eldorado Gold
Lastly, Eldorado Gold (EGO – Free Report) is another one that could prove to be interesting. The company’s revenues for the fourth quarter soared by more than 100% to hit $192 million. Even though it missed analysts’ estimates, the stock soared by as much as 32%.
However, the most important take away was the fact that the company plans to raise its gold production by as much as 35% this year. That can be a major positive at a time when gold prices are soaring. On an unadjusted basis, the company reported a profit of $91.2 million, mainly attributable to the net $85.2M Kisladag impairment reversal, compared with a loss of $218.2 million in the year-ago quarter.
- Best Gold Stocks To Watch This Week? 1 Up Over 60% This Month
- Are These Top Gold Stocks Set To Soar This Week?
Thanks to this progress, trading momentum has picked up in a big way. On Monday, Eldorado gold stock hit fresh 52-week highs. In fact, shares hadn’t traded this high since October of 2017. After such a big jump, it will be interesting to see how far this gold stock can continue moving. If gold prices remain consistent, EGO, as well as others on this list of gold stocks, could be ones to watch.
Midam Ventures, LLC | (305) 928-8939 | 1501 Venera Ave, Coral Gables, FL 33146 | email@example.com