Is It Time To Start Watching Gold Stocks?
Aside from the economic uncertainty, blundered attempt to boost markets with a rate cut, and other things that would otherwise help gold stocks, coronavirus is back in the mix. This is where Coronavirus 2.0 comes into play. While markets thought it was safe to start letting the bulls run again, big news out of California and from the Oil sector put a lid on the latest bull run. One sector that hasn’t slowed down, however, is gold and mining.
In fact, on Thursday, gold futures spike to highs of over $1,660 once again. Meanwhile, some of the biggest gold stocks you’ll read about have also surged. Beyond the coronavirus, there are plenty of other things to be concerned about. This is why safe-havens remain in the spotlight right now. We discussed some of these in our article: What’s Next For Gold Stocks In March?
Continued economic uncertainty on the global scale, lower interest rates, and many more financial risks still exist. In such a time, gold stocks have offered investors a safe place to hedge against market risk. So what are some gold stocks to watch right now?
Top Gold Stocks: IMC International Mining (IMIMF) (IMCX)
IMC International Mining (IMIMF – Free Report) (IMCX) pushed back toward March highs on Thursday. Much of the action has been in Canada as many Canadian mining stocks surged this week. While IMC is still in its exploration stages, it has managed to gain attention after its latest acquisition announcement. Further to this, the company announced this week that it plans to close on this deal by March 15. Given the scope of the proposed property, it could become a large asset for IMC International.
The acquisition will see IMC buy Than Minerals including its 100% owned Cathedral property in British Columbia. Cathedral is located in an area called the Quesnel Terrane. It hosts past and planned production. With the rising price of gold, this acquisition could present bigger opportunities for IMC.
Top Gold Stocks: Barrick Gold Stock (GOLD)(ABX)
Barrick Gold (GOLD – Free Report) pushed back above $21 on Thursday. After an interesting day on March 4, shares of Barrick gold stock reversed course and pressed toward new highs for March. But it hasn’t been gold prices alone that drove momentum.
The company announced earlier this week that it completed its Massawa transaction. The company and its partner will receive upfront payment valued at $380 million. Thanks to this, in addition to the current gold price, Barrick gold stock has managed to move higher this week. Also keep in mind that Barrick has focused on global expansion beyond traditional mining zones.
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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.
Top Gold Stocks: Agnico Eagle Mines (AEM)
Next, Agnico Eagle Mines (AEM – Free Report) has reached new March highs on Thursday. During the mid-morning session, Agnico gold stock reached $52.62 as gold prices moved higher. While this is still a stark difference from where it was earlier this year, the move is in line with most gold stocks today.
The company is one of the backers of White Gold Corp’s exploration program along with Kinross Gold (KGC – Free Report). In its last update, White Gold announced the extension of its VG deposit mineralization. It also advanced new targets in close proximity to the VG deposit.
In reference to the recently published quarterly and full-year results for 2019, Sean Boyd, Agnico Eagle’s Chief Executive Officer, said, “With two new mines coming into production in Nunavut, 2019 was a pivotal year for the Company. We set new records for both annual gold production and cash provided by operating activities. Despite setting these production and cash flow records, the production ramp-up in Nunavut has been slower than expected, which has resulted in higher than anticipated costs in the fourth quarter of 2019 and slight revisions to our 2020 production guidance.”
“In 2020, we have put plans in place to improve productivity and optimize the operations as they continue to ramp up and we expect quarterly production growth and lower costs as we move through the year.”
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