Top Gold Stocks To Watch
The price of gold has had quite the run throughout 2020. With what started off as a normal year, nobody could have predicted the rally gold stocks have experienced after the pandemic that took over. The economy has been beaten down and bashed throughout the entire year. Rising virus numbers in tandem with government stimulus cause gold prices to go up significantly. When this year started, the price of gold was blow $1,500. At one point in 2020, the yellow metal reached up and above $2,000. Now the price of gold sits above $1,800, showing that it has kept a lot of its momentum. But there are two things impacting the price of precious metals at the moment.
The first of which is vaccines. 2.9 million vaccines have been shipped so far for the United States, with many more coming in other countries as well. This could negatively affect the price of gold stocks as it could lead to faster economic recovery. Also affecting gold prices is a bipartisan $908 billion stimulus bill that is being negotiated in the Senate. If more stimulus is given out to businesses and people, it hurts the economy and value of the dollar. That brings the price of gold up. With all of this news it can be confusing when considering which gold stocks to watch. Fear not, as we have compiled a list of four gold stocks that could potentially make your watch list.
Top Gold Stocks To Watch: Barrick Gold Corporation
The first gold stock to watch, Barrick Gold Corporation (GOLD Stock Report), is one of the largest. Barrick Gold explores and develops a portfolio of mines and produces gold as well. The company’s operations take place in the United States, Canada, among other countries. What have been the most recent updates that have come from Barrick, and what is impacting GOLD stock price?
Back in the company’s third quarter results its adjusted earnings went up 173% year over year. In addition to this news, it announced sales increases of 32.2% as well. Its gold production fell due to COVID related closures, but things seem to be more smooth sailing as we continue through the back end of 2020. Not much has been heard from Barrick recently, could the company have an earnings report coming up soon? Nobody knows for sure, but it places GOLD stock on this list of gold stocks to watch for its potential in the market. GOLD stock price went from $18 a share to $23 a share in 2020 as of December 16th. At one point this year, it even reached above $30 a share on average.
Top Gold Stocks To Watch: Newmont Corporation
The next company on this list of gold stocks is Newmont Corporation (NEM Stock Report). Newmont Corporation is a mining corporation that produces and explores for silver, gold, copper, zinc, and lead. Its land is located in the United States, Mexico, Canada, Peru, among other countries. The company had proven and probable gold reserves as of December 31st 2019 that totaled 100.2 million ounces. Overall Newmont Corporation holds more than 68,000 square km of land.[Read More] The State Of Gold Stocks In December 2020
On the 8th of December, Newmont provided a new company update to the public. The company’s production direction is at 6.5 million ounces for 2021. Newmont is expected to have numbers at 6.5 and 7 million ounces through 2025. Newmont’s CEO Tom Palmer stated, “Newmont’s outlook remains strong and stable as we apply the rigor and discipline of our proven operating model across our world-class portfolio.” This company update provided positive outlook for Newmont Corporation. That is why it and NEM stock have made it on to this list of the top gold stocks to watch.
Top Gold Stocks To Watch: Kirkland Lake Gold Ltd.
Next up on this list is Kirkland Lake Gold Ltd. (KL Stock Report). This is a mining corporation that actively owns mining claims and land. It explores for various mineral resources at all of its projects. The main resource that is searched for at these claims is gold. Its major assets are the Macassa Mine and Fosterville mines found in Canada and Australia. Kirkland Lake Gold has a current agreement with Newmont to run exploration on some of its properties as well. Let’s take a look at what Kirkland Lake Gold has been up to in recent history and how KL stock is progressing in the market.
Kirkland Lake Gold announced the closing of sale of Novo shares and warrants on the third of December. The company closed the sale of 16,450,000 common shares of Novo Resources Corp. and 9,225,000 warrants of Kirkland Lake Gold. This sale is in order to purchase shares to qualified purchasers for gross proceeds to Kirkland Lake Gold of $45,202,500. In addition to this news, its net earnings also went up 49% year over year in its last quarterly report. Then on December 16th, Kirkland Lake Gold announced a quarterly dividend payment for the fourth quarter of 2020 for $0.1875 per common share. This is payable on January 14th, 2021. This dividend represents a 50% increase from the previous quarter.
Top Gold Stocks To Watch: Kinross Gold Corporation
The final gold stock to watch is Kinross Gold Corporation (KGC Stock Report). Kinross is a mining corporation that explores for land, acquires land, and develops gold related assets on its properties. The company runs its operations in the United States, Canada, Russia, Brazil, Chile, Ghana, and Mauritania. It also extracts and processes gold ore to produce and sell it after mining. Kinross Gold had 24.3 million ounces and 55.7 million ounces of proven and probable gold and silver respectively.
The most recent update from the company comes in the form of third quarter results from back in November. Kinross’ operating cash flow more than doubled to a total $544.1 million. This was an 86% increase year over year. Its production numbers stayed high, making the company able to keep its original 2020 production guidance in place. KGC stock is performing well as a result of this. The price of gold generally is what moves the price of this gold stock apart from financial results.
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