How Are These Gold Stocks Performing?
There are a variety of reasons gold stocks are performing well in 2020. For one, the global economy has been destroyed by the pandemic. This makes people want to turn to physical assets rather than the dollar. But recently, Pfizer (PFE Stock Report) and Moderna (MRNA Stock Report) released information about a COVID-19 vaccine. Both companies stated they had a vaccine candidate that was 95% effective. This brought gold prices down and other precious metals as well.
The election has also been a large contributor to gold stocks performing well though. When Joe Biden was named President-elect, the dollar slipped. This resulted in gold prices going up. This happened before the vaccine news though. Still, Biden has not taken office. So at the moment, the vaccine news and the election are the primary reasons that gold moves. Gold stocks are also affected by incoming unemployment numbers. The worse the economy is, the higher gold prices tend to climb. Subsequently, gold stocks will be higher as well. Let’s take a look at four gold stocks that have been high performers in 2020.
Top Gold Stocks To Watch Mid November: Equinox Gold Corp.
The first company on this list of gold stocks is Equinox Gold Corp. (EQX Stock Report). Equinox Gold Corp. is an acquisition, exploration, and developmental company for mineral deposits. The company will generally explore for gold, silver, and copper deposits. One of its main properties is the Aurizona gold mine, more than 107,023 hectares in Brazil. It also holds interest in the Mesquite gold mine and Castle Mountain property in California.
On November 20th Equinox Gold Corp. announced some negative news. It reported that its preparations to start mining activities at its Los Filos Mine in Mexico have been delayed. Members of the nearby Carrizalillo community have put up a blockade. Equinox is communicating with them in order to find a long term solution to let its mine continue operations. Its overall plan is to bring benefits to employees, contractors, suppliers, and community partners.
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This has had a negative effect on EQX stock price, but it is still up throughout 2020. EQX stock was at $5.88 a share back in March, and is now at $10 a share on average. The company reached record highs this year in its stock price. So it will be interesting to see if the Los Filos mine will be able to open once again.
Top Gold Stocks To Watch Mid November: Wheaton Precious Metals Corp.
The next gold stock is Wheaton Precious Metals Corp (WPM Stock Report). Wheaton is a mining company that sells gold, silver, and palladium ores. It sells these metals in Canada, and internationally as well. Currently Wheaton has agreements with 20 operating mines and 9 developmental stage projects. Let’s look at some recent news for this gold stock and how it is performing.
On November 9th, Wheaton released record operating cash flow, revenue, and sales volume numbers. This was in its report for the first nine months of 2020. In addition to this was its third quarter of 2020 results as well. Its operating cash flow went up 60% year over year to $228 million. Its net debt was reduced by $231 million. Wheaton’s revenue went up 37.4% to $307,268. WPM stock price has gone from $29 a share on average to now being at $41 a share on average. This is what makes WPM stock a candidate for a list gold stocks to watch.
Top Gold Stocks To Watch Mid November: Freeport-McMoRan Inc.
The next company to discuss is Freeport-McMoRan Inc. (FCX Stock Report). Freeport-McMoRan is a mining company that has property in North America, South America, and Indonesia. The company will primarily search for copper, gold, molybdenum, silver, and other metals. Freeport-McMoRan also searches for oil and gas. As of December 31st 2019, the company had consolidated recoverable proven and probable mineral reserves for the following. 116 billion pounds of copper, 29.6 million ounces of gold, and more.
On October 22nd, the company released its results for the third quarter of 2020. Freeport-McMoRan announced that its third quarter copper and gold sales are 6-7% higher than July 2020 estimates. Its operating plans are all being strongly executed despite troubles early in the year. Its cash flow generation was strong, and reported solid cost and capital management as well. Freeport-McMoRan also reported increased revenues year over year in the three month period. In 2020, FCX stock price has gone from $13 a share to now being at $21 a share on average. This is after this gold stock fell to lows of under $7 back in March 2020.
[Read More] 4 Top Mining Stocks To Watch In November
Top Gold Stocks To Watch Mid November: Kinross Gold Corporation
The final gold stock is Kinross Gold Corporation (KGC Stock Report). Kinross Gold Corporation is a mining company that will acquire land, explores this land, and develops it. These properties are usually gold-based, located in the US, Canada, Russia, and more. In addition to this, it will extract and process gold-containing ores and reclaim properties. Kinross produces and sells silver as well. As of December 31st 2019, the company’s proven and probable mineral reserves totaled 24.3 million oz gold and 55.7 oz silver.
Kinross Gold stated it does not feel pressure to do any deals with its properties on October 20th. This was Chief Executive Paul Rollinson attempting to downplay a media report saying it was looking at selling its business in the Americas. It stated that the Americas are an important part of its business so it is not looking to sell. In its recent third quarter reports its gold price per ounces sold increased by 60% in 2020. In September Kinross announced an expected increase in production by 20%. The company plans on producing more than 2.9 million gold equivalent ounces in the next three years. It also announced plans for a quarterly dividend to return capital to shareholders. KGC stock price has gone from $4.70 a share on average to $7.52 a share on average this year.
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