These Gold Stocks Are Pushing Higher After Stimulus News
Gold has long been thought of as a safe-haven investment. So it’s no wonder why the price of gold has made such an epic move over the last few days. Both the Federal Reserve and U.S. government are flooding the market with fresh money. The goal is to put a backstop against any pending effects of the coronavirus. With the economy at a standstill, the world leaders continue to weigh possible options. This includes opening industries sooner than expected.
Despite serious backlash by some, others are seeing this as a possibility right now. Whether that does or doesn’t happen, it won’t change the facts. Right now, we’ve got low rates, high levels of new money which could devalue the dollar, as well as the potential for other industries like housing to feel pressure sooner than later.
In all cases, gold has been a “go-to” as a store of value. With the actual price of gold hovering above $1,600, now more than ever may be a good time to have some gold stocks on your list.
Gold Stocks To Watch: IMC International Mining
Shares of IMC International Mining (IMCX Stock Report)(IMIMF) turned heads this week. This came as the company’s incoming Chairman, Greg Hawkins and CEO Brian Thurston hosted a preliminary conference call to discuss the pending Thane Minerals acquisition. Last month the company signed a letter of intent to purchase Thane. It followed up with the signing of a definitive agreement this month.
On the call, Hawkins expressed his interest in Thane Minerals’ Cathedral Property. He and the Thane team had been working on the property prior to the acquisition announcement. Now, he feels that it is ready for the next phase. As far as near-term prospects are concerned, Hawkins expects exploration to begin by May with drilling to follow before the end of the year.
As far as the location, the Cathedral property is in a mineral-rich area called the Quesnel Terrane. Specifically, the Quesnel hosts past and planned production of 50 billion pounds of copper, 28 million ounces of gold, and includes 16 producing and development projects. So it could all come down to timing for IMC as it has near term prospects and while gold prices are beginning to climb again.
Gold Stocks To Watch: Barrick Gold Corp.
Barrick Gold Corp (GOLD Stock Report) has been one of the top gold companies to watch for a few weeks now. After dropping from its 2020 highs earlier this year, Barrick gold stock managed to rally back. In fact since hitting lows of $12.65 earlier this month, shares have jumped back to highs of nearly $20. While this is still shy of this year’s high, it’s a move in the right direction.
Last week the company reported on its plan to deal with COVID-19. This has been one of the more popular updates being made by mining companies specifically. Based on the fact that they have numerous geolocations for mines, it’s necessary to address a contingency plan amid the recent and growing concern.
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“Barrick has a strong culture of caring for the welfare of its employees and communities. Our financial strength, well-established prevention practices and procedures, and the experience we gained from dealing with two Ebola pandemics around our African operations, will stand us in good stead as we face this new and unprecedented challenge,”President and Chief Executive Mark Bristow
Gold Stocks to Watch: Hecla Mining
Hecla Mining (HL Stock Report) is another one of the gold stocks to watch right now. Shares of Hecla stock have also managed to bounce back from the sell-off in gold stocks earlier this year. Shares reached lows of $1.40 in 2020 and have since jumped back to highs of more than $2.30. This move comes as gold prices surge during the week. At the start of Monday, gold prices traded around $1,500 and have since climbed above $1,600. At one point this week, the price of gold came within striking distance of $1,700.
Hecla has also followed a similar path as Barrick. The company announced its COVID-19 update this week. In compliance with Quebec, the company is limiting its Casa Berardi operations. The company’s estimates for production and cost will also be reviewed with its first-quarter earnings release.
“The Government of Quebec ordered the mining industry to reduce to minimum operations as part of the fight against the COVID-19 virus, so we are suspending our Casa Berardi operations,” said Phillips S. Baker, Jr., Hecla’s President, and CEO. “We do not have a case of COVID-19, so we are disappointed for our workers and their families, our suppliers and other stakeholders that we have had to take this action. We look forward to Casa Berardi resuming normal operations as soon as possible.”
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