IMIMF - Are These Top Gold Stocks To Watch Right Now?
These Gold Stocks Are Trading Higher In April
While gold prices took a breather on Friday, gold stocks continued to toe the line. Some of them even traded higher at times. This indirect correlation between gold stocks and the price of gold has investors starting to think. Is there a massive bull market brewing for gold? Just look back a few months ago when there weren’t concerns about “coronavirus” or at the time, the “Wuhan flu”. The economy was also in “ship shape” with no concerns at all about the already mounting government and corporate debt bill.
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In comes, the coronavirus and all caution is thrown to the wind. The economy shut down, the Federal Reserve slashed rates to 0, and the U.S. government turned on the money faucet. With even more stimulus money expected to flow into the market for small businesses, the atmosphere suggests that we’re in for a long haul of social distancing and shutdowns.
But then there was a press conference on Thursday and Gilead was reported to have seen favorable responses at one of its testing sites (despite questionable circumstances). This helped boost sentiment in the market that there could be an end to country-wide lockdown sooner than later.
What’s Next For Gold Stocks?
While gold still holds levels above its previous resistance of $1,690, it was a tough session on Friday for the shiny metal. But here’s the interesting part, while gold closed near its low of the day, gold stocks didn’t waiver for the most part. Barrick Gold (GOLD) dipped briefly in the morning. Shares hit a low of $23.15 but managed to climb back to highs of $24.65; 10 cents higher than the closing price.
Barrick Gold Stock
While Barrick gold stock managed to climb higher, the company also updated the public on its annual meeting. Despite President Trump phasing in a “reopening plan” Barrick is going to hold its annual meeting virtually.
“As a Company of Owners, Barrick places significant importance on in-person engagement with its shareholders and, with this in mind, we monitored conditions following the publication of our Circular to determine if it was feasible to add a physical meeting component to the Meeting. While an in-person meeting is not possible this year due to Covid-19, Barrick intends to return to a hybrid meeting format (physical/virtual) for its 2021 Annual Meeting.”
The rise of Barrick gold stock has been noteworthy to say the least. For a large-cap company of this size, even a 10% increase would be something to mention. Well, since March 16, shares of Barrick gold stock has climbed 90% or more depending how close you got to its March low of $12.65.
IMC International Mining
IMC International Mining (IMIMF) (CSE:IMCX) completed a long-awaited, multi-million dollar acquisition of Thane Mineral and its Cathedral Property. This opened up a major opportunity for the company to stake its claim in a mining region quickly becoming known for significant gold discovery. Shortly thereafter, the company began its geothermal program and has now submitted samples for lab testing.
Thane’s property is located in the Quesnel Terrane between two already established mines that have produced a significant amount of gold and other metals. But the fact that Thane’s property is untouched gives IMC International Mining (IMIMF) (CSE:IMCX) a true, first-mover advantage to literally strike gold first.
Not only was IMC similar to Barrick gold stock in not feeling pressure from gold prices, IMC actually reached new all-time highs. In Canada, IMCX hit highs of and closed at $0.94CAD while the U.S. listing finished at $0.68USD after hitting highs of $0.71 during the normal session.
New Gold Inc
New Gold stock (NGD) saw one of its highest share volume days in months. It saw more than 50 million shares trade before the end of the day. While the gold stock didn’t dip in the morning like Barrick gold stock did, it saw an agressive pullback late in the afternoon.
New Gold stock hit lows of $0.6501 during power hour. There were no headlines of note at the time. And we already saw that gold prices were sliding during the day so it wasn’t likely a catalyst from gold prices but you never know.
In addition to that, there were no new filings on April 17 either. The next big event for the company appears to come on April 29th. This is when it will hold a conference call and webcast for its Q1 financial results.