These Top Gold Stocks Are Trading Higher Right Now
When you think about the coronavirus stocks to watch right now, gold probably hasn’t come to mind. That’s likely because gold stocks have pulled back over the last few days. To the untrained eye, that could be a sign of weakness in the sector. However, break it down to the fundamentals of gold and you’ll start to change your train of thought. As a “safe-haven,” gold is used to hedge against downside financial risk. As we’ve seen, the price of gold has dipped, sure, but not nearly as much as the broader stock market has.
So gold did its job. It acted as a hedge and when it came time for those stock traders to cover margin calls, gold was there as that store of value to extract cash. Now that some of the dust has settled with the whole coronavirus concern (for now), investors are looking at market fundamentals once again. What do they see?
- Small-Cap Gold Stocks are Providing Huge Opportunity for Investors
- Are Gold Stocks Ready To Rally Again?
Even lower rates, growing government & corporate debt, fewer share buybacks, all things that justify a bullish gold market. In light of this, it’s likely the reason why so many gold stocks are back on the move right now. With this in mind, let’s take a look at some of the top gold stocks to watch right now.
Top Gold Stocks To Watch: IMC International Mining
First, IMC International Mining (IMCX-Free Report)(IMIMF) has once again tested highs above $0.46CAD on Tuesday. The focus has been on a pending acquisition that the company’s currently involved in. The deal would effectively give IMC direct access to one of the top gold discovery regions of the world, Northern British Columbia.
Just southeast of the famous Golden Triangle, the Quesnel Terrane has been host to 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.
Why is Quesnel so important for IMC? That’s because this is the area that its acquisition target, Thane Minerals’ Cathedral property is located. In fact, Cathedral is specifically between the Mt. Milligan Mine and the Kemess Mine. These two mines have already shown significant copper and gold deposits. Furthermore, the fact that Cathedral is relatively untouched by exploration could be a major opportunity for IMC should it be able to close on this deal. According to its last announcement, management expects to close it around the middle of the month, this month. This could be an important time to watch IMC International Mining if junior gold discovery stocks are part of your watch list.
Top Gold Stocks To Watch: B2Gold
B2Gold (BTG-Stock Report)(BTO) has rallied strongly over the last two days. After reaching lows of $2.16 on Monday, the gold penny stock managed to jump to highs of $3.45 on March 17th. Could this signal the official turn around move for BTG stock? That could be more dependent on the future of the global economy than anything right now.
I say this because there hasn’t been much news coming from the company in March. Yet, the gold stock has been mirroring the price movement of gold closely. As discussed above, a number of bottomed out gold stocks have started to turn around.
Many investors exiting some or all of their gold positions to support portfolios heavy in things like tech likely took a large hit this past week. But as sentiment grows more bearish on things like financials (IE Banks), gold could fill a very large void left from a 0% rate environment.
Top Gold Stocks To Watch: Barrick Gold
Another one of the leading names in gold has been Barrick Gold (GOLD-Stock Report)(ABX). Shares of the company opened near lows of $12.65 on Monday but have since bounced back in a big way. As of 10:30AM EST on March 17, Barrick gold stock has recovered by as much as 40.7% at highs of $17.80.
Similarly to B2Gold, Barrick gold stock has mirrored the price of gold closely over the last 2 weeks. But it hasn’t been the sole catalyst behind its momentum. Earlier this month, Barrick reassured investors that it’s prepared for any coronavirus issues. Drawing on previously implemented safeties related to ebola, the company took the lessons learned and will apply it to COVID-19 in such an event.
Top Gold Stocks To Watch: IAMGOLD
Another gold stock that recently became a “cheap stock to watch” is IAMGOLD (IAG-Stock Report). Shares have dropped from 2020 highs of $3.82 to lows of $1.44 this week. However, IAMGOLD stock didn’t stay down for long. The growing financial concerns stemming from the Fed helping banks has triggered a reversal in trend. By mid-morning on March 17th, IAG stock had already reached highs of $2.65 to further extend its 2-day rally.
The price of gold has definitely helped IAG stock. The company reported a tough 2019. Reserves dropped by 6% to 16.7 million ounces. At the end of 2018, this figure was nearly 18 million ounces. It total attributable measured and indicated resources also dropped. At 27.2 million ounces of gold, the slide equated to a drop of 2%. But given the current trading levels of IAMGOLD, it appears investor interest has been piqued. Can IAMGOLD recover in 2020?
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