While New Coronavirus Cases Emerge, Gold Stocks Shine
While more and more cases of the coronavirus have emerged, the markets are all over the place this week. We’ve seen frequent trade halts and we’ve also seen concern arise after this coronavirus took hold of the public. While market risk has arisen with even the simplest of reports discussing the next steps, one sector has come into focus. That sector is metals/mining. During times of market-turmoil investors seek out these safe havens to hedge against market risk.
So while many try to catch lightning with short-term tech trades, for example, the smart money may be on gold stocks right now. Are some of these names on your list of top gold stocks to watch this week?
Top Gold Stocks To Watch: IMC International Mining
IMC International Mining (IMCX-Free Report)(IMIMF) could be one of the top-performing gold stocks to watch right now. Has it produced thousands in percentage gains? Well, it has climbed over 100% at times since the start of the year. But when it comes to performance, just compare it to other gold stocks right now. Over the last few weeks, you’ll recognize that there was a big pullback in most gold stocks. IMC International, however, didn’t waiver one bit. It has maintained a level of trading above $0.45CAD for most of March.
Last week, shares of IMC International retested its 52-week highs of $0.50CAD. So what’s the draw to this gold stock? Much of it could have to do with the company’s last few updates. First, IMC entered into a letter of intent to purchase Thane Minerals including its 100% owned Cathedral property. The claim is in a very mineral-rich area of northern British Columbia. Based on the specific location between two mines that are rich in copper and gold resources, it could suggest that Cathedral has optimal, untapped potential.
Furthermore, the deal comes with Greg Hawkins joining as Chairman of the Board. His more than 50 years of experience has put him in a unique position as part of some of the biggest mining acquisitions in the industry. This includes Nevsun Resources (acquired by China’s Zijin Mining for $1.8 Billion) and Dayton Mining (acquired by Pegasus Gold Inc. for $390 million).
Top Gold Stocks To Watch: Barrick Gold
Barrick Gold stock (GOLD-Stock Report)(ABX) has flip-flopped this week. Shares ran to highs of $18.59 on Tuesday. But then pulled back on Wednesday. Lows during the middle of the week saw Barrick gold stock trading around $15.50, still above its 2020 low. While more concern grows over the economic situation around the world, gold stocks could present investors with new opportunities as well.
The market’s massive volatility has attracted many day traders. But from a longer-term perspective, the financial shortcomings of global governments have left a reason for safe-haven investors to become increasingly attractive. Over the last few weeks, even amid the downtrend for some gold stocks, analysts have been bullish Barrick. UBS, for instance, upgraded the stock to a Buy with a $22 price target. This came right as the company reported a proposed expansion of its Pueblo Viejo Gold Mine.
Top Gold Stocks To Watch: Newmont Corporation
Another top gold stock to watch right now is Newmont Corp. (NEM-Free Report). Similar to Barrick gold stock, Newmont has seen a volatile week of trading so far. After opening Monday’s session under $35, shares managed to reach highs of nearly $47 on March 18. While there was a pullback from those highs, you can’t ignore the recent trend.
Furthermore, NEM stock has tested and held above its 200 day moving average. Given the status of the market as a whole, this could become a bullish sign should Newmont gold stock continue higher before the close.
On Wednesday, the company reported that it received nearly $1 billion from an offering of senior notes due 2030. This could give the company valuable liquidity needed for operations. “The success of our one billion dollar debt offering and the positive response from bondholders is a result of the confidence in our capital discipline and the strength of our business over the long term,” said Tom Palmer, President, and Chief Executive Officer. “The lower-cost capital we raised will be used to partially refinance outstanding notes coming due in 2022 and 2023, lowering our effective interest rate and extending our maturity profile.”
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