Will These Gold Stocks Move Higher In The Market?
In 2021, many gold stocks have been able to perform well in the market. Early last month the metal nearly pushed past $1,900 per ounce. So why has it been able to go up so much? When the pandemic struck, the price of gold took off. Now in 2021 gold prices are performing well amid economic recovery. The United States is removing COVID-19 restrictions fast and retail and industrial use for gold is rising.
It is important to conduct the best research possible if you are investing in gold stocks. Some look at gold stocks and think that you can simply invest based on recent news. While recent news does play a factor into investing, there are many other factors as well. These include looking at the volume of a gold stock, as well as other news pieces that may affect the price like jobless reports.
Gold prices have remained around the same price for the last week. During times like this, it is important to look at company specific news for gold corporations. This is what affects gold stocks the most during times where the price of the metal itself is stagnant. Gold prices are stable at around $1,880 per ounce at the moment. This is still a very high number for the metal, but not close to the more than $2,000 per ounce it saw last year. Gold not fluctuating up or down too much every day shows that it is still going strong in the market right now. Now let’s take a look at some gold stocks that could see some momentum in the market soon.
Top Gold Stocks To Buy Or Sell
- Barrick Gold Corporation (NYSE: GOLD)
- Eldorado Gold Corporation (NYSE: EGO)
- SSR Mining Inc. (NASDAQ: SSRM)
Barrick Gold Corporation (NYSE: GOLD)
Barrick Gold Corporation is a gold stock that explores, mine develops, produces, and sells gold and copper properties. The company actively operated gold mines in 12 different countries, and had 71 million ounces of proven and probable gold and copper reserves at the end of 2019. To date, Barrick Gold is one of the largest active gold producers in the entire world.
On June 10th the company confirmed its per share distribution amount for the first $250 million return of capital tranche. The Senior Executive VP Graham Shuttleworth said, “Our overall return to shareholders for 2021 is one of the highest in the industry and marks another milestone in our journey towards our objective of building the world’s most valued gold company. Our strong balance sheet and cash flows, and our 10-year production outlook anchored by our Tier One2 gold assets, position us well to continue creating and delivering value to our investors and our other stakeholders.”
GOLD stock has not been moving too much recently just like the price of gold itself. This is due to no major recent updates from the company and stagnant gold prices right now. But this could change any day now. So will GOLD make your list of gold stocks to watch?
Eldorado Gold Corporation (NYSE: EGO)
Eldorado Gold Corporation is a mining stock that will explore, discover, acquire, develop, produce, sell, and reclaim all types of mineral products. The company finances as well. Eldorado primarily focuses on gold, silver, lead, zinc, and iron ores. It currently operates 5 mines: Kisladag and Efemcukuru in Turkety, Lamque in Canada, Olympias and Stratoni in Greece.
In the company’s most recent financial results report, its production was in line with its annual guidance. Its EBITDA rose year over year during this first quarter period too. The company’s President and CEO George Burns said, “This result was accomplished in spite of a resurgence of COVID-19 in the countries in which we operate and is a testament to the commitment and care of our teams around the world. Our focus ahead is on maintaining this positive momentum by delivering on key initiatives in a transformational year for Eldorado.”
Now the company is laser focused on its future and developments. EGO stock has increased by about $0.50 in the last week, so will it make your list of gold stocks to watch?
SSR Mining Inc. (NASDAQ: SSRM)
SSR Mining is a gold stock that acquires land, explores it, develops it, and operates metal resource properties as well. Primarily, SSR will search for gold and silver deposits. Some of its projects include the Marigold mine that is located in Humboldt, Nevada, the Seabee Gold Operation in Canada, and the Puna Operations in Argentina.
On June 8th SSR announced that it has amended its existing undrawn revolving credit facility favorably. It increased the facility size from $75 million to $200 million. This company recently delivered positive financial results in May as well. Rod Antal, President and CEO of SSR said, “The first quarter of 2021 represented another strong operational and financial quarter for SSR Mining as we delivered production of 196,094 gold equivalent ounces at an AISC of $1,004 per ounce and generated $77 million of free cash flow.”
SSRM stock price has gone from under $17 per share to over $18 per share as of June 10th. This is all of the latest that has come from this company. Will SSRM make your gold stock watchlist in June?
Gold Stocks In The Market
It can sometimes feel like there is downtime when investing in gold stocks. This is because when gold prices are not moving too much, gold stocks will not move very much either. For some this is seen as a great opportunity to buy gold stocks before they potentially rise, as a mid-term to long term investment. Which gold stocks will make your watchlist this year?
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