Which gold stocks will you keep your eyes on this month?
We all know about the incredible price increase that gold stocks experienced in 2020. The metal fell short in March when the pandemic was destroying the economy. Then one month later, an enormous increase happened for gold stocks. This resulted in the price of gold reaching new record highs in the market last year. So where do things stand with gold stocks at the moment?
Well, gold stocks have had an interesting time in the market as the world changes. Part of the reason gold stocks are performing the way they are is the pandemic. COVID-19 cases are rapidly falling in America at the moment. This has to do with the large amount of vaccine distribution that is going on. About 50% of the U.S. population has been vaccinated for COVID-19. At the same time, there are fears that the delta variant could do some real damage.
Gold stocks are volatile due to the state of the world at the moment. It is important to know what gold stocks you are investing in. Check the recent advancements, gold prices, volume, and more to determine if a gold stock is right for you. There are also many fears of inflation in the market at the moment. Nobody truly knows how this is going to affect the market for gold stocks. For now, let’s take a look at three gold stocks that have potential this month.
Top Gold Stocks To Watch
- Barrick Gold Corporation (NYSE: GOLD)
- Eldorado Gold Corporation (NYSE: EGO)
- Agnico Eagle Mines Limited (NYSE: AEM)
Barrick Gold Corporation (NYSE: GOLD)
Barrick Gold Corporation is one of the largest gold producers in the world. The company focuses on exploration mine development, production at gold mines located in various locations. These include the United States, Canada, Argentina, Dominican Republic, and more. Additionally, the company has ownership interests in Chilean copper mines and other countries as well.
On August 9th, Barrick Gold Corporation released its second-quarter results for 2021. The President and Chief Executive Mark Bristow said, “The gold mining industry’s chronic tendency to harvest the gold price instead of investing in the future has resulted in declining reserves and a shortage of high-quality development projects. At Barrick, on the other hand, a strong exploration culture combined with its sustainable profitability strategy is expanding its asset base as we look to discover exciting new opportunities.” Barrick is currently on track to meet its guidance at the moment. With this new info in mind, will GOLD stock make your watchlist this month?
Eldorado Gold Corporation (NYSE: EGO)
Eldorado Gold Corporation is a mining company that explores, discovers, acquires, develops, produces, and sells mineral resources. Eldorado primarily focuses on gold, silver, lead, zinc, and iron ores. It currently operates 5 mines, which are the Kisladag and Efemcukuru in Turkey, Lamque in Canada, Olympias, and Stratoni in Greece.
The company announced the sale of its Tocantinzinho Project to G Mining Ventures on August 9th. George Burns, President and CEO of Eldorado said, “This transaction provides Eldorado with immediate value for TZ, while also retaining meaningful exposure to future value creation through our equity stake in GMIN.”
Additionally, Eldorado announced the launch of a $500 million senior notes offering due 2029 on August 9th. The proceeds are expected to be used for the company to redeem its outstanding $234 million 9.500% senior secured second lien notes due June 2024. With all of this information to note, is EGO a contender for your list of gold stocks to watch?
Agnico Eagle Mines Limited (NYSE: AEM)
Agnico Eagle Mines Limited is an exploration, development, and production-based mining stock. The company operates properties in Canada, Mexico, and Finland. It produces and sells gold deposits, as well as silver, zinc, and copper deposits. Its main property is the LaRonde mine in Canada. As of December 31st, 2019, its LaRonde mine had a mineral reserve of about 2.9 million ounces of gold.
On July 29th, the company reported its second-quarter results. The CEO of the company Sean Boyd said, “In the second quarter of 2021, the Company posted record safety performance with solid operational results which resulted in another strong quarter of cash flow generation. The Company remains on track to hit its production and cost guidance for 2021 and we expect to see growing gold output in the second half of the year, which should lead to continued strong cash flow generation in 2021.” This is the latest update that has come from Agnico Eagle Mines Limited. Keeping this in mind, is AEM stock going to make your August watchlist?
Best Gold Stocks To Buy?
It can be hard when deciding which gold stocks are the best to buy. With the market being in such a volatile place, it is important to do a lot of research before investing. There are many gold stocks that are increasing in value in August 2021. So which companies will make your list of gold stocks to watch?
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