These gold stocks could be worth your while in October
There have been a lot of profitable gold stocks in 2021. Many of these businesses struggled to maintain the momentum that they had in 2020. This is because, as a result of the pandemic and the economy’s collapse, gold hit a new all-time high last year. Regardless, there are still plenty of gold stocks that are performing well in the market right now.
Many gold stocks will rise and fall in sync with the metal’s price. That is why, while investing in these mining equities, checking the price of gold is a must. As you may be aware, the current state of the economy has benefited gold stocks. In fact, the metal’s price hit a new high in the market last year.
Considering everything that has been said so far, you may be baffled as to which way gold is moving. Given the high level of unpredictability in the market, it can be perplexing. If you’re investing, it’s critical to keep up with the latest news. This might range from industry news to global news to company-specific news. When investing, it’s also a good idea to look at a stock’s volume. Let’s look at three gold stocks that are currently going up in the market this October.
Top Trending Gold Stocks
New Gold Inc. (NYSE: NGD)
New Gold Inc. is a mining stock that is up 10.83% on October 13th. This is a mining company that acquires, develops, and manages mineral resources. Its primary goal is to locate gold, silver, and copper deposits. The Rainy River gold-silver mine in Ontario, Canada, and the New Afton gold-copper mine in British Columbia, Canada, is 100% owned by the corporation.
Earlier this month, it updated its fiscal 2021 operational projection. New Gold plans to produce between 405,000 and 450,000 ounces of consolidated gold equivalent at its Rainy River mine, up from 440,000-490,000 ounces before. As a result of this happening, the company’s guiding figures have reduced marginally.
The company finds this unfortunate but still has a very positive outlook for the future. It seems that investors may have a positive outlook as well, as the company’s stock price is up over ten percent on no company-specific news. The company’s volume is also much higher than its average in the market at the moment. With this in mind, will NGD be on your list of gold stocks to watch?
Eldorado Gold Corporation (NYSE: EGO)
Eldorado Gold Corporation is a mineral resource exploration, discovery, acquisition, development, production, and sale firm. Eldorado’s main interests include gold, silver, lead, zinc, and iron ores. Kisladag and Efemcukuru in Turkey, Lamque in Canada, Olympias and Stratoni in Greece are the five mines it currently runs.
On October 12th, the company released its third-quarter 2021 preliminary production results. Its gold production was reported at 125,459 ounces, which was an 8% increase quarter over quarter. The company is currently reviewing the full-year production guidance ranges and plans on providing a full update soon. Its financial and operational results will be released on October 28th, 2021. This will take place after the market closes on that Thursday. Keeping this in mind, is EGO a contender for your gold stock watchlist?
Gold Fields Limited (NYSE: GFI)
Gold Fields Limited is a gold mining company that has a wide range of resources and reserves. Chile, South Africa, Australia, Ghana, and Peru are among Gold Field’s properties. The corporation presently operates 9 mines that produce 2.2 million ounces of gold equivalent per year. Furthermore, the company possesses 51.3 million ounces of gold mineral reserves and 115.7 million ounces of mineral resources. It also has 616 million pounds of copper reserves and 882 million pounds of mineral resources.
Back in August, the company released its results for the six months ended June 30th, 2021. The company’s profit attributable to owners of the parent was $387 million. This was compared with profits of $156 million for the same period a year before. Its normalized profit went up from $323 million to $431 million during this period as well. Other than this, there have been no super recent updates from Gold Fields Limited. This is another company that often moves up and down based on gold prices. On October 12th, GFI stock went up 3.31% in the market. For now, will GFI stock be on your gold watchlist?
What Does the Future Hold for Gold Stocks?
Inflation fears are rampant in the market right now. Nobody knows how this will influence the market for all mining stocks right now. Despite its calming in the United States, the pandemic is still raging in many parts of the world. Another factor to consider is what might happen to gold stocks in the future especially with the Delta variant being around. In October, which corporations will you add to your list of gold stocks to watch?
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