Gold Prices Today Reached Another New All-Time High
Gold stocks are surging after the jump in gold prices today. But this may have been expected by some of the market’s top analysts. In light of these new highs, are they starting to see the top of the gold run?
Outside of the short-term spikes in the stocks market, firms like UBS remain bullish on gold prices right now. “Does the market currently have the energy to extend the move even further towards the all-time highs; or will investors who have been long gold for some time take the opportunity to take some profits off the table? We think the risk-reward at this point probably favors the latter,” Teves said.
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Furthermore, she explained that “Real rates are already around the lowest levels in seven years – this raises the risk that any bounce from recent lows takes a bit of shine off gold, triggering some unwinding at least in the near-term.”
Who’s Bullish On Gold Prices Today?
Some of the top investment banks in the world have taken a bullish stance on gold. These include Citi (C stock report), Goldman Sachs (GS stock report), and Bank of America (BAC stock report). Recently Goldman raised its expectations for gold prices.
The investment bank previously estimated gold prices to reach $1,800, $1,900, and $2,000 within the next 3,6, and 12-months respectively. That has obviously come to fruition sooner than later as gold prices today are within $22 of reaching the top of that range.
HSBC Chief Precious Metals Analyst James Steele said in an interview, “The two most populous nations in Asia are also the world’s two largest gold importers and consumers. Further escalation in risks could prompt greater gold purchases. Gold may dip near term, but $1,700/oz should hold. It looks to us that there is sufficient risk to support gold as the year unfolds. We also look for silver to trek higher, aided by gold.”
HBSC also reported that the increase in unemployment and fiscal stimulus measures could result in a bigger move for gold prices. With that being said, here are three top gold stocks to watch during the COVID-19 Pandemic.
Top Gold Stocks To Watch: Equinox Gold Corp.
Shares of Equinox Gold Corp (EQX Stock Report) reached fresh highs this week. On Monday, the EQX stock price hit $12.35. Not only was it a new 52-week high, but it was also a new all-time high for the gold stock.
Earlier this month, the company announced that Doug Reddy transitioned to the role of Chief Operating Officer at the start of September 2020. This was upon the retirement of the company’s current Chief Operating Officer, Attie Roux.
Christian Milau, CEO of Equinox Gold, said that “Attie Roux was appointed COO following the merger with Leagold to facilitate the transition and consolidation of operations with the intention to retire to his home base in South Africa once the integration was complete. We are pleased that an extensive search process revealed the best candidate was internal and Doug is taking on this leadership role in Vancouver.”
Top Gold Stocks To Watch: Gold Fields
In the last few weeks, Gold Fields Ltd. (GFI Stock Report) has been one of the mining stocks to watch. In fact, since early-April, GFI stock has been on a tear. Shares have jumped from around $5.30 to new 52-week highs of $14.12 this week. During that time, the company has focused on progress.
Gold Fields stock hasn’t traded this high since early 2013. One of its projects is a 50:50 venture with Galiano Gold Inc. (GAU Stock Report) which recently gave an update at the start of July.
The previously announced 2020 exploration program at the Asanko Gold Mine has been underway with four drill rigs. It is now approximately 40% completed according to Galiano. Asanko Gold Mine consists of roughly 36,000m of Diamond and Reverse Circulation drilling according to the company.
Top Gold Stocks To Watch: Eldorado Gold Corp.
Eldorado Gold Corp. (EGO Stock Report) also made fresh 52-week highs this week. On Monday EGO stock reached a high of $12.62. Eldorado gold stock hasn’t traded this high since 2017. Though there haven’t been many new updates from the company, things like the gold prices today are helping drive momentum.
On June, 8 the company provided an update on its mines in Greece. “We are pleased to begin construction of the decline at Lamaque this summer. This is a project that we have been advancing for nearly a year and is another step towards further production growth and continued value creation at Lamaque. We would like to thank the government of Quebec and all our local stakeholders for their continued support for this project and our Lamaque operations,” said George Burns President and CEO.
In the Company’s Q2 2020 preliminary production, Eldorado reported 137,782 ounces of gold. This was a 50% increase over Q2 2019. Furthermore, gold production at its Kisladag property increased by 130% over Q2 2019, and 19% over Q1 2020. Production at Olympias site increased by 159% over Q2 2019 and 18% over Q1 2020.
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