Larger Gold Stocks Are Stumbling; These Names Aren’t
During times of economic and geopolitical uncertainty, the norm is to see gold prices perform well. But this week, we’re seeing something a bit different, which could make it hard to find gold stocks to buy.
Worries about the global impact of the coronavirus have started making their way into the mining industry. While companies like Barrick Gold (GOLD-Stock Report) and Newmont (NEM-Stock Report) have both reassured the public that they’re prepared for such an event, it hasn’t helped sentiment with these stocks.
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But that doesn’t mean there aren’t penny stocks to watch. In fact, among the names that are trading in the green on March 11, all are below $4 a share. While junior miners typically echo a similar trend as market leaders like the ones mentioned, a few have gone to move to the beat of their own drums.
Best Gold Stocks To Watch: IMC International Mining
First, one of the gold stocks that hasn’t faltered even back in February is IMC International Mining (IMIMF-Free Report) (IMCX). Keep in mind that at the end of the month last month, most gold stocks plummeted. Not IMC and a lot of that could have to do with the company’s last big update.
In February, IMC announced that it plans to acquire Thane Minerals, which includes its Cathedral property. Not only would this acquisition add to the current asset portfolio of IMC, but it would also give direct access to northern British Columbia. The Cathedral property specifically is in an area called the Quesnel Terrane, just southeast of the famous Golden Triangle. 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. These are numbers that rival some of the top producing regions in the world.
But what could be more telling is the company’s latest update in March. The company reported that it expects to close on this acquisition by March 15. Given the timing off all of this, it may be important to pay closer attention to IMC right now if it’s one of the names on your list of gold stocks.
Best Gold Stocks To Watch: Harmony Gold Mining
Harmony Gold Mining (HMY-Stock Report) gapped up on March 11. After hitting lows of $3.45 on Tuesday, Harmony Gold stock jumped to early morning highs of $3.68 on Wednesday. Much of the excitement around the company came after it was selected to buy AngloGold’s remaining South African assets. It then followed this up with reporting results from its fiscal half of 2020. Harmony saw a boost to its earnings per share for the period.
While there may have been a general reversal in short-term trend for gold stocks, Harmony has performed well over the last year. At the start of 2019, Harmony gold stock was trading under $2 a share. This year the gold stock has already seen highs of $4.54.
Best Gold Stocks To Watch: Gold Fields Ltd
While Gold Fields Ltd (GFI-Stock Report) didn’t necessarily wow the market after its last round of earnings, shares have held a relatively consistent uptrend. If you look at a chart, you’ll notice how Gold Fields stock has continued to follow its 50-day moving average as a relatively consistent level of support. What’s more is that since November 26, shares have climbed more than 30% to date.
But we can’t ignore the glaring issue that needs some resolve. Gold Fields missed on both earnings per share and revenue. This is in consideration of the fact that most miners hit or exceeded the mark based on the trailing price of gold. Will things turn around this year based on the current trend of gold prices?
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