Are These Top Gold Stocks On Your List This Week?
Gold prices and gold stocks have gotten beaten up for a few weeks. In fact, last week the price of gold tested a vital support level at $1,450. While it didn’t break below this, it was a point of interest for gold investors. But considering the latest moves by the Federal Reserve, global central banks, and assumingly the U.S. government, the climate for bullish gold could be warming up.
“Just over a week after the Fed slashed rates to the lower bound, and with global stock markets once again sharply lower, the U.S. central bank intervened decisively again…by announcing an open-ended unlimited quantitative easing program, buying US Treasurys and mortgage-backed securities, a QE infinity if you like,” said Michael Hewson, chief market analyst at CMC Markets UK.
If you look at the overnight market in gold, you’ll likely see something historic. The price of gold jumped more than $100 an ounce on Monday evening. The March 23 session finished around $1,560, with the March 24 session seeing highs of $1,698. Now we’re seeing gold hold above $1,640 on Wednesday. The bullish case in favor of gold remains strong in my opinion. With this in mind, it’s important to have a strong list of gold stocks to watch.
Top Gold Stocks To Watch: IMC International Mining
On Monday the company held a corporate conference call with us (GoldStocks.com). Incoming Chairman Greg Hawkins and current CEO Brian Thurston gave a lot of insight into the company’s next move. If you aren’t up to speed on IMC International Mining (IMCX Stock Report)(IMIMF), not only has the stock not fallen victim to the sector’s major pullback, but the company has also neared completion of a new acquisition.
In February, IMC announced that it signed a letter of intent to acquire Thane Minerals. Earlier this month there was a definitive agreement signed which could mean IMC is as close to the finish line as you can get right now. Based on yesterday’s call, one of the most important aspects of Thane is its Cathedral property and the prime location it holds in northern British Columbia.
The area that Cathedral is in, specifically is known as the Quesnel Terrane. The northern part of the Quesnel Terrane extends from south of the Mt. Milligan Mine northward to the Kemess Mine, with the Cathedral property located midway between these two copper-gold porphyry deposits. Why should this matter? The Mount Milligan copper-gold porphyry deposit contains a combined Measured and Indicated Mineral Resource of 243.9 million tons at 0.134% Cu and 0.226 grams per ton (g/t) of gold, containing 717.7 million pounds of copper and 1,769,000 ounces of gold. The Kemess Mine produced approximately 3 million ounces of gold and 700 million pounds of copper over the life of the mine. In his own words, Greg Hawkins stated that there is “an audience of potential buyers in the area,” which could make Cathedral an important place to be.
Top Gold Stocks To Watch: Barrick Gold
Barrick Gold stock (GOLD Stock Report) jumped back to its 50-day moving average on March 24. Shares haven’t traded at this level since March 11. The gold stock has battled hard to break above its 200-day average for the last 2 weeks. While Barrick gold stock has been driven by the price of gold, in general, there’ve been other factors at play helping sustain market volatility.
Earlier this month the company announced emergency response plans for COVID-19. The company is obviously monitoring the spread closely. In line with this, all non-essential business travel and non-essential projects have been put on pause. However, this hasn’t resulted in a major blow to the company’s current operations. This could be something of note for investors with Barrick gold stock on their list right now.
“In addition to protecting our people, we have taken measures to support the sustainability of the business. As shared in our March 6 release, we have increased stock levels for key supplies and equipment to a minimum of three months, identified alternative suppliers and shipping routes, and put in place contingency plans for clearing and offloading. To date, placed and forecast orders are still intact and there have been no hold-ups in our supply chain.”President and Chief Executive Mark Bristow
Top Gold Stocks To Watch: Yamana Gold
Shares of Yamana Gold stock (AUY Stock Report) was another one of the gold stocks that jumped this week. While it didn’t test any major levels as Barrick did, shares did bounce back toward its 200 Day moving average. This also comes amid gold prices moving and a bit of corporate news.
This week Yamana announced an update on its Canadian Malartic operation in response to an order of the Government of Quebec. This was in response to COVID-19 and a temporary suspension in all non-essential businesses until mid-April. But Yamana could be in a unique position.
“Mining has been listed as one of the priority services and activities with minimized activities. The Company intends to work with the Quebec government to comply with the order in relation to Canadian Malartic (a 50-50 joint venture with Agnico Eagle Mines Ltd.). Any further impact to operations, which may include suspension of operations or placing the mine on care and maintenance, will be updated in due course.”
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