These gold stocks are going up; will the trend continue next month?
Throughout 2021, there have been many successful gold stocks. It was hard for a lot of these companies to follow the momentum of 2020. This is because gold achieved a new record high last year as a result of the pandemic and collapse of the economy. Regardless, many of these gold corporations performed well anyways.
There is a lot of fear of inflation in the market right now. Nobody is too sure how this may impact the price of gold going forward. On July 27th, the price of gold is at about $1,800 per ounce. Gold stocks will usually follow the price of gold itself. But company performance matters too when investing in mining stocks. On the 27th, gold prices increased very slightly, helping some stocks move up higher.
The pandemic is still impacting this sector as well. In the United States, the pandemic has calmed down a lot as a lot of the population has been vaccinated. This has helped gold prices remain stable for now. Still, in many other countries, the pandemic is not slowing down, which is hurting the world’s economy. Despite making it through what was the worst part of this, the world is still in a volatile state at the moment. Gold stocks are also in a volatile state because of the pandemic and inflation. With all of this information to keep in mind, let’s have a look at three high-performing gold stocks going into August.
Top Gold Stocks To Watch
- Barrick Gold Corporation (NYSE: GOLD)
- Newmont Corporation (NYSE: NEM)
- AngloGold Ashanti Limited (NYSE: AU)
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 July 27th, it was announced that Barrick has secured exploration licenses for Egypt. The SVP of exploration at Barrick Gold, Joel Holliday said, “The move into Egypt is an integral part of Barrick’s exploration strategy. Barrick is a global company and we evaluate opportunities anywhere we see the potential for world-class deposits capable of passing our investment filters. We believe that it is essential to move into prospective emerging and underexplored mineral belts to maintain the discovery rate as part of a balanced development strategy.”
The company is up 0.34% in the market on the same day of this news release. Because it is one of the largest gold producers, its stock price is often heavily affected by the price of the metal. With all of this to note, will Barrick GOLD stock make your watchlist?
Newmont Corporation (NYSE: NEM)
Newmont Corporation is a mining stock that produces and explores for silver, gold, copper, zinc, and lead. Newmont’s property is all in the United States, Mexico, Canada, Peru, and a few other countries. It had proven and probable gold reserves as of December 31st, 2020 that totaled 94.2 million ounces. Overall Newmont Corporation holds more than 58,900 square km of land.
On July 22nd, the company announced its second-quarter results. The President and CEO Tom Palmer said, “Capitalizing on the strength of our assets and integrated operating model, Newmont delivered a solid second-quarter performance with $1.6 billion in adjusted EBITDA and $578 million in free cash flow. Our performance and disciplined approach to capital allocation allowed Newmont to declare a second-quarter dividend of $0.55 per share, whilst we continue to reinvest in our business through our most profitable projects.”
NEM stock has increased about $1 per share since this news was released. On the day of July 27th, NEM stock increased by about 1%. This upwards momentum is good for NEM stock, which is also impacted by gold prices themselves. With this to keep in mind, will NEM make your list of gold stocks to watch?
AngloGold Ashanti Limited (NYSE: AU)
AngloGold Ashanti Limited is a gold mining stock that also produces silver, uranium, and sulphuric acid. It currently operates 14 mines and three projects, located in nine countries around the world. This includes the Americas, South Africa, Continental Africa, and Australia.
On July 13th, AngloGold Ashanti submitted a proposal to acquire Corvus gold. Interim CEO Christine Ramon said, “The Proposal is fully aligned to our strategy of growing Ore Reserve, building low-cost production, and generating sustainable returns. We have a unique opportunity to combine Corvus’ assets with our own – in the world’s top-ranked mining jurisdiction – to create a meaningful new production base for AngloGold Ashanti in the medium and longer-term.”
One month ago, AU stock was at about $18.83 per share. Now on July 27th, the company’s stock price is at about $19.66 per share. On the same date, its stock price went up by 1.40% in the market. Will you add AU stock to your watchlist?
Top Mining Stocks To Buy?
It can be difficult to decide which mining stocks and gold assets are the best to buy. Developing an investment strategy can be a great way to mitigate some of the risks. Whether it’s company-specific, world, or sector, looking at the latest news is very useful when investing. Looking at charts, volume, and more can help as well. So which gold stocks will make your watchlist?
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