Are These Gold Stocks On Your Watch List Right Now?
Gold prices are smashing record levels not seen in over 7 years and gold stocks are benefiting handsomely. If there were ever a time to be looking at gold stocks, now may be that time. The reason being is that aside from coronavirus concerns, there are many other factors to consider. First, the U.S. and China have a Phase 1 trade deal.
While that’s great progress, it isn’t a completed deal leaving much up to speculation. Further, the energy sector is getting slammed with tensions still in the air between top energy-producing countries. Then you have to consider the fact that world economies are slowing down.
From a corporate stance, share buybacks are expected to slow and corporate debt is expected to keep rising. All of these are just the start. But the point is that coronavirus isn’t the only thing that could trigger a market downturn. In this light, we see investors flocking to safe-haven investments and gold stocks are one of these, historically. Clearly so, we’ve not only seen the price of gold dramatically rise but top gold stocks are flying. Here’s a list of a few names to know.
Top Gold Stocks to Watch: IMC International Mining
While many gold stocks dipped earlier in the week, IMC International Mining (IMCX – Free Report)(IMIMF) seems to have held its uptrend. Though there was a slight pull-back on Wednesday, for the most part IMC International has continued its climb higher this year.
The latest attention has focused on key management/leadership changes as well as its latest acquisition target. First, this week the company brought on a new CFO to carry it through IMC’s next phase of growth. Via the acquisition announcement, the company plans to also bring on industry vet, Greg Hawkins on to its board. Hawkins, in particular, has a 50-year track record of success and many of his endeavors have resulted in large acquisitions.
On this topic, IMC’s latest deal could have it in one of the most prolific regions of the world, British Columbia, Canada. Through its proposed acquisition of Thane Minerals, IMC will gain immediate access to the Cathedral Project in the Quesnel Terrane portion of Northern B.C. The Quesnel Terrane hosts past and planned production of 50 billion pounds of copper, 28 million ounces of gold, and has 16 producing and development projects. As speculation continues to circle around its next move, IMC International could be one of the junior gold stocks to watch this quarter.
Top Gold Stocks to Watch: Harmony Gold
Next, Harmony Gold (HMY – Free Report) has captured attention thanks to its latest deal with AngloGold Ashanti (AU – Free Report). Specifically, the company was chosen by AngloGold to purchase the remaining South African assets. The purchase price of the deal was $300 million.
“Over the past two years, Harmony has added over 500,000 quality gold ounces per annum through the acquisition of Moab Khotsong and now Mponeng and Mine Waste Solutions. The Acquisition has the potential to improve our overall recovered grade and increasing our cash flow margins. Harmony has demonstrated its ability to increase the life of mines it operates in South Africa – sustaining the mine communities surrounding the mining operations, preserving jobs and further unlocking value for its shareholders through increased grades and stronger margins”, Peter Steenkamp, chief executive officer of Harmony said in a press release.
Shares of Harmony gold stock reached new 52-week highs this week. This was in line with the bullish surge in gold prices. As of February 27, premarket trading shows HMY stock gapping up above $4 once again.
Top Gold Stocks to Watch: Barrick Gold Stock
Barrick Gold stock (GOLD – Free Report) has been on the move this month as well. Earlier this week, shares of Barrick Gold stock reached highs of $23.48. WIth $23.85 being its 52-week high, the gold stock has come within pennies of making a new high. While gold prices fluctuate above $1,650 an ounce, we see one of the world’s largest gold miners, following suit in trend.
As discussed in an article this week, Barrick Gold has focused on expanding its global footprint. Reports began cycling through this week on a deal for Barrick to get involved in mining in Japan. Specifically, Japan Gold reported that it formed a country-wide alliance with Barrick. The companies plan to jointly explore, develop and mine properties in Japan.
The partnership spans 28 out of the firm’s 30 current projects. Barrick will solely fund a two-year evaluation of each project. This could potentially be a three-year, second phase if certain criteria are met.
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