4 Gold Stocks To Watch Right Now; Are They On Your List?
If you’re looking for some of the best gold stocks right now, your timing might be perfect. Gold stock prices have been on the rise and so has the price of gold per ounce. While there was a pullback from Monday’s early highs, gold prices rallied again on Tuesday. In fact, they recovered back to the mid-point of the recent channel trend we’ve seen when it comes to gold futures.
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Since rallying back from lows of $1,450.90 in March, the price of gold jumped to a new 2020 high of $1,788.80. Since then, it’s been a consistent channel trade between average lows of around $1,675 to average highs of around $1,770. While this may seem like a large spread, in the grand scheme of things, it’s only a 5-6% deviation. But with that, it’s become a consistent trade for gold investors over the last 45 days.
Needless to say, the strength that the gold sector is seeing is undeniable. We’re also finding a strong bullish trend for gold stocks. Many of these aren’t necessarily mimicking the 45-day trend of the price of gold, per se. But they are rising as gold prices hold their overall gains for the year. In fact, this week, while gold prices didn’t make new 52-week highs, several gold stocks managed to do so.
Whether it was gold mining stocks or gold streaming stocks, the investing community wasn’t picky in its selections. With that in mind and in light of the recent rebound, are any of these on your list of gold stocks today?
Best Gold Stocks To Watch: IMC International Mining
As one of the earliest stage companies on this list of gold stocks, IMC International Mining (IMIMF Stock Report)(IMCX) has been a name to know this year. After completing its Thane Minerals acquisition, IMC gained access to the Cathedral property in British Columbia. The last round of updates focused on testing the property to see what IMC might have access to. After weeks of waiting, the company released its latest report.
IMC began an extensive compilation and synthesis of available data from the Property, which includes 359 rock samples collected by CME Consultants Inc., 1,098 rock samples collected by Thane Minerals Inc., and soil sampling and Induced Polarization surveys completed by Thane. What’s more is that according to the company, work on the Property has identified six areas of significant gold ± copper ± silver mineralization. The results from IMC’s compilation work presented in this news release are for the Cathedral Area only.
“Exploration results to date have shown the potential for a significant copper-gold alkalic porphyry system within the Cathedral Area,” stated Brian Thurston, Chief Executive Officer and President of IMC. “We are currently preparing to follow-up these exciting results with a detailed IP survey, geological mapping, and geochemical sampling as a Phase-1 summer program. Our goal is to determine the best targets for diamond drilling this fall. We look forward to compiling information from other mineralized Areas identified on our Thane Property and making all results public once completed”.
Best Gold Stocks To Watch: Barrick Gold
Barrick gold stock (GOLD Stock Report) has been on the move since mid-March. At the time, shares traded around $12.70. But look at any Barrick gold stock chart and you’ll see why it’s turned heads in the second quarter. Just a few weeks ago, GOLD stock hit highs of $28.50. What’s more is that during premarket trading on May 18, Barrick gold stock reached a high of $28.90. Can we count this as “official”? Stock market purists might have a hard time with that. However, the fact remains that it technically broke a new 52-week high before the opening bell.
Like most, Barrick is expecting some consolidation in the sector this year. The company reported quarterly earnings of 16 cents per share, which met the analyst consensus estimate. The company reported quarterly sales of $2.721 billion, which missed the analyst consensus estimate of $2.77 billion. Nevertheless, its Board of Directors has declared a dividend for the first quarter of 2020 of US $0.07 per share, payable on June 15, 2020, to shareholders of record at the close of business on May 29, 2020.
President and CEO Mark Bristow said operational and financial delivery were on plan despite the fact that the group’s prime focus during the latter part of the quarter had been on ensuring the safety of Barrick’s people, communities and business in the face of the novel coronavirus pandemic, while also coping with the restrictive conditions imposed by governments. Shares of Barrick gold stock once again broke above $28 on May 19 as the price of gold also surged. Will we finally see a new 52-week high this week or is another slide coming?
Best Gold Stocks To Watch: Equinox Gold Corp.
Equinox Gold Corp (EQX Stock Report) has made a relatively consistent move up since mid-March. Even though it isn’t up over 100% like Barrick gold stock, EQX stock has bounced as much as 98%; so it was close.
Last week, Equinox reported its quarterly results for Q1 2020. In fact, the company reported record figures. Gold production totaled 89,000 ounces of gold and earnings from mine operations reached $43 Million.
Christian Milau, Chief Executive Officer. “With more than $350 million of cash on hand, Equinox Gold is in a strong financial position and fully funded for its organic growth plans. Castle Mountain Phase 1 construction is 75% complete, the Los Filos expansion and Santa Luz restart projects are expected to significantly increase production over the course of 2021 and 2022.”
Best Gold Stocks To Watch: First Majestic Silver Corp
Don’t let the name fool you, First Majestic Silver Corp. (AG Stock Report) has benefited greatly from the rise of gold prices. However, the company took a bit more aggressive action when it came to COVID-19.
In its recently published financial results, the company explained its approach to the pandemic. “As the COVID-19 pandemic sparked higher than normal volatility in the metals market near the end of the quarter, we temporarily suspended our silver and gold sales as paper prices dropped significantly below true physical prices,” stated Keith Neumeyer, President and CEO of First Majestic.
“These inventoried ounces have been carried over into the second quarter and will be sold as prices improve. Nevertheless, strong production from each of our three mines generated operating earnings of $21.1 million, representing a 106% increase over the same quarter of 2019.”
However, that hasn’t stopped analysts from seeing potential. After lowering its price target last week, B.Riley FBR boosted it once again this week. The firm maintained its Neutral rating. However, it upped the target to $8. This is up 18.5% from last week’s target cut to $6.75. Even though AG stock is off a bit from 2020 highs, it makes sense to mention that the last few months have been strong for the company’s shares. AG stock rallied from lows of $4.17 to recent highs this week of $9.96.
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