AUY - Are These The Top Gold Stocks To Watch Right Now?
3 Gold Stocks To Keep On Your List In March
The bout of coronavirus concern has triggered another sell-off in the stock market today. But, once again, we’re seeing a surge in gold prices as a result. While oil and other commodities trade lower, gold has pushed back above $1,650 on Tuesday.
Gold has traditionally been labeled a safe haven investment for decades. Naeem Aslam, chief market analyst at Ava Trade told Bloomberg, “In terms of volatility, it is normal especially when the market is expecting the March Fed meeting to be a live one. The fact that the price has broken the 1700 mark, it leads us to believe that there are strong chances for the price to cross this level again.”
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With gold futures indicating a bullish market for gold, in general, the recent pullback on Tuesday could be opening new opportunities for those who’ve waited for “a dip”. Now, whether or not this is a dip versus the start of a bear market is up in the air. However, thanks to the current market conditions, it may make more sense as to the former being the case.
Top Gold Stocks To Watch: IMC International Mining
First IMC International Mining (IMIMF-Free Report) (IMCX) has traded higher this week. On Tuesday the gold stock made highs of $0.36 amid the recent move in gold prices. While there hasn’t been anything updated this week, onlookers are likely paying attention to one thing right now. That “one thing” is the firm close of its previously announced acquisition.
Last month the company announced the proposed acquisition of Thane Minerals, which includes its 100% owned Cathedral property in British Columbia, Canada. In an update this month the company said that it expects to close on this deal by March 15th. As the date creeps closer it makes sense as to why things may be picking up steam right now. Also, keep in mind that the company already has assets in Arizona right now with its Bullard Pass Property. If you’re looking to find junior gold stocks with news, IMC International Mining has reported several key updates of note over the last few months.
Top Gold Stocks To Watch: Yamana Gold
Next, Yamana Gold stock (AUY-Free Report) has also started to recover during Tuesday’s afternoon session. With the rise in gold prices, juniors like Yamana have been able to capitalize. The stock has tested its 50-day moving average several times over the last few weeks. While it briefly broke below this level, Yamana gold stock has managed to sustain trading at or above this level for most of the year. Assuming this as the case, AUY’s 50MA could be a strong level of support for the gold stock.
The company recently announced an update for exploration activities on its pipeline of gold projects, including the Domain Joint Venture in Manitoba. The JV is held 70.4% by Yamana and 29.6% by New Dominion, with Yamana being the Project Operator. Eric Roth, New Dimension’s CEO, commented, “We are very pleased to be reporting that Yamana is continuing to evaluate the Domain JV area. Considering the significant amount of drilling that has been completed at Main Zone, together with the potential for new discovery, we feel strongly that the project has the potential to grow rapidly. I look forward to keeping the market informed on progress at Domain.”
Top Gold Stocks To Watch: Asanko Gold
Asanko Gold (AKG-Free Report) was another one of the few gold stocks making gains in the gold sector on Tuesday. This came after the company announced proposed changes. This was for its name as well as a new board chair.
Asanko will look to change its name to Galiano Gold and will add Paul Wright as Board Chair. “After a thorough search process that began last year, we are very pleased that Paul has agreed to join our board and to take on the role of non-executive Chairman following the AGM,” said Gordon Fretwell, Chair of Asanko’s Nominating and Governance Committee. “On behalf of the Board, I would like to thank Colin Steyn for his many years of dedication to Asanko.”
As far as the name change is concerned, the company seeks to also pair a symbol change as well. Asanko will change its symbol to “GAU” on both the Toronto and New York Stock Exchanges.
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