IMIMF - Top Gold Stocks To Watch In April 2020
Are These Top Gold Stocks On Your Watch List This Month?
It looks like gold stocks and the price of gold are back in motion again on Monday. While gold has begun to normalize, equities are shooting higher. On April 13, gold futures reached new highs of $1,761.70 before the afternoon session. This marks a fresh level not seen since October of 2012. If there was any time to be looking for top gold stocks, now could be it.
[Special Report] Now Is The Time To Buy Junior Gold Stocks
Historically speaking, during gold rallies like that of 2011 and 2012, junior gold stocks have been the top performers. But that doesn’t negate the fact that a strong move from majors is to be overlooked. In fact, some of the big opportunities have presented themselves at times with larger gold companies either acquiring or entering into joint ventures with smaller gold companies with prime locations and untapped resources with big potential. The next hurdle for gold prices will be $1,800. At that point, they will have established a range that was only seen during the last time gold went on to reach historic highs.
Given the state of the markets right now, it could be tough to determine which direction stocks will head. However, when it comes to gold stocks, the trend tends to follow the price of the yellow metal.
Top Gold Stocks To Watch: IMC International Mining
Shares of IMC International Mining (IMIMF)(CSE:IMCX) reached new highs this month. On Monday the company added to its list of milestones as well. If you recall on a corporate conference call earlier this month, the company said it plans to begin the exploration of its newly acquired Cathedral property.
On April 13, IMC announced that not only has the analytical geochemical program commenced but rock & soil samples have been sent out for lab testing. These “rocks” are being assayed for the first time. What’s more is that thanks to the previous progress made, the company has a sample set consisting of 847 rock samples in total. As part of this current analytical geochemical program undertaken by IMC, a total of 452 rock sample pulps were pulled from storage. A total of 9 control samples were submitted, bringing the total sample submission to 461.
In addition to the rock sample pulps, 223 soil samples were pulled from storage at CME’s field office and submitted for geochemical analysis. So now it becomes a waiting game to see the results. For now, however, some speculative anticipation seems to have helped in the market as well with IMC stock now bouncing back more than 30% from last week’s lows. We identified the $0.40 level as a potential level of support and so far it has held up as such.
Top Gold Stocks To Watch: Barrick Gold
Barrick Gold stock (GOLD) is another one of the top gold names to know. To the point made above, Barrick just signed an “earn-in” agreement with small-cap gold company Golden Minerals (AUMN). Barrick agreed to acquire an option to earn a 70% interest in Golden’s El Quevar project in Argentina.
The deal sees Barrick purchasing $1 million worth of Golden Minerals stock at a price of $0.21. Furthermore, the gold behemoth will need to spend $10 million on exploration and deliver a pre-feasibility study describing a potentially profitable operation with mineral resources no less than 2 million gold equivalent ounces. This was a positive event for Golden as well as Barrick Gold stock on Monday.
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This comes as shares of Barrick gold stock reached levels not seen in years. As of April 13, the gold stock reached highs of over $24.50. This is a night and day difference from where the stock was trading at just about 1 month ago. If you remember, the gold sector took a hit as equities traders sought out gold as a means to fund margin requirements. At the time, this was trading just over $12. Fast-forward to today and Barrick gold stock has climbed nearly 100%.
Top Gold Stocks To Watch: Yamana Gold
Similar to Golden Minerals and IMC International, Yamana Gold stock (AUY) is a lower-priced name. However, it has become well-known among traders. Shares of Yamana gold stock have broken back above $4 a share for the first time since early March. Unlike that time, Yamana gold stock is hitting $4 on the way up. On March 11, shares of AUY we’re sliding as the first signs of margin selling began to arise.
Similar to Barrick gold stock, Yamana is also running after new updates came out. The company announced it has entered into an agreement with Stifel GMP and Cormark Securities Inc. to sell 12,000,000 units at a price of C$10.00 per Unit for gross proceeds to Yamana of C$120,000,000. Each Unit consists of one common share of Equinox Gold Inc. owned by Yamana and one-half of a common share purchase warrant of Yamana gold stock. This cash influx could be a big positive for Yamana considering its current projects around the world.
This paired with the rising price of gold has helped boost sentiment for gold stocks like Yamana. Something to keep in mind is that even with certain market optimism right now, we’ve still got a long road ahead before things get back to normal. In this case, it could build a longer runway for gold price momentum this year.