These Gold Stocks Are Moving Higher As Gold Prices Climb
Gold stocks experienced a significant slump earlier today but as the coronavirus outbreak in China claimed more victims, gold prices jumped. The worsening situation with regards to the coronavirus scare has given rise to fresh panic among the investment community. Now, money has started flowing into the precious metal once again.
Gold prices rose as high as $15,84.8 today before 10 AM EST. It is the highest level in a week. Could this signal the beginning of another rally? In such a situation, investors could look at identifying some gold stocks to watch. Here is a look at 4 gold stocks that could be worth watching.
Gold Stocks To Watch: IMC International Mining Stock
Shares of IMC International Mining (IMCX Stock Report) (IMIMF) have taken off this week. It came on the heels of big progress updates from the company. Earlier this week, IMC International announced two big developments in the same announcement.
First, the company reported that it signed a letter of intent to acquire Thane Minerals Inc. According to the company, Thane owns 100% interest in the Cathedral property in north-central British Columbia. Brian Thurston, CEO & President of IMC stated, “The acquisition of the Cathedral Project gives the Company an opportunity to explore in one of British Columbia’s top mining districts.”
Furthermore, the company brought on industry veteran Greg Hawkins who’s been involved in the industry since 1969. He is currently a Director of New Pacific Metals Corp. (NUAG Stock Report) and was the Founding Project Consultant and/or Founding Director of seven public and private Exploration/Development ventures. Many of these ventures resulted in big acquisitions by larger mining companies.
Gold Stocks To Watch: Yamana Gold Stock
The next company on this list of gold stocks to watch is Yamana gold stock (AUY Stock Report). The company revealed its fourth quarter and full-year 2019 results this week. These included gold and silver production of 221,595 ounces and 2.97 million ounces respectively. Furthermore, the company reported that gold and silver production exceeded production guidance for the year.
While costs were in line with expectations, the company did miss the mark on sales. Wall Street estimates expected $461.98 million while Yamana reported $383.8 million. While this figure doesn’t appear to have dramatically shifted sentiment it is something of note.
In light of these developments and rising gold prices, shares of Yamana gold stock soared to new 52-week highs on Friday. In fact, AUY hasn’t hit levels above $4.30 since October of 2016. With the price of gold jumping to levels it hasn’t seen since 2013 it could be worthwhile to watch low-price gold stocks like Yamana.
Gold Stocks To Watch: New Gold Stock
On the other hand, New Gold (NGD Stock Report) slumped this week. It came after the company reported a loss in its fourth-quarter earnings. During the year-ago period, the company reported a marginal profit.
Revenue during this period dropped by as much as 11% year on year. New Gold also stated that 2020 production would be on the same lines like that in 2019. The company also revealed life-of-mine plans for its properties at New Afton and Rainy River.
“Over the past number of months we have evaluated numerous scenarios for the Rainy River Mine and are pleased to release an updated life of mine plan that delivers a solid open pit and underground mine plan that positions the operation for profitability and free cash flow generation beginning in Q4 2020 that continues over the balance of the mine life,” said Renaud Adams, CEO.
Gold Stocks To Watch: Barrick Gold Stock
Another gold stock that deserves attention during this gold rally is that of gold mining giant Barrick Gold (TSX:ABX)(GOLD Stock Report). The company revealed its revenues for the full year 2019. Revenues stood at $9.72 billion, compared to $7.24 billion in 2018. On the other hand, adjusted net earnings came in at $902 million, which was again substantially more than $409 million generated last year.
On top of that, Barrick announced that it is going to raise its dividend by 40%. That could well prove to be a big event for shareholders. Furthermore, on Friday, Barrick Gold stock reached fresh 2020 highs as coronavirus fears grew.
Shares broke above $19.30 for the first time since last September. Both Raymond James and TD Securities recently maintained their respective ratings on Barrick Gold stock. RJ has the company at “Outperform” with a $22 target. TD maintains a Hold rating with a $22 target.
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