WPM - Top Gold Stocks Trading Higher This Week Amid Great Lockdown
Are These On Your List of Gold Stocks Right Now?
Barrick Gold stock (GOLD) isn’t the only big name to know right now in precious metals mining. But after its big buyout of Rangold Resources, it became synonymous with the search for gold stocks to buy. While Barrick gold stock has been one to watch this month for sure, the price of gold has lent itself to potentially taking on a more volatile-based trading style for some. What I’m talking about are junior gold stocks.
You can’t talk about the gold sector without mentioning names like Yamana Gold (AUY), Kinross Gold (KGC), Wheaton Precious Metals (WPM), or New Gold (NGD). But the latest trend also has investors looking at junior exploration companies like IMC International Mining (IMIMF)(IMCX) as well. The fact of the matter is that investors haven’t seen a gold market like this in over 7 years. That was the last time that the price of gold was trading this high. Previous to that by only a year, gold had reached all-time highs.
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In another article, we highlighted the fact that while gold prices were on the rise, stocks were as well. But even as the market dipped, gold has toed the line. In fact, Bill Baruch, president of Blue Line Capital told CNBC that charts show “an inverse head and shoulders pattern — a beautiful technical pattern that played out through March into April and we’re now breaking out above.”
Is Gold Setting Up For New, All-Time Highs?
Some investors have taken a cautious approach to the market recently. While big days are seen much more frequently in the market, they aren’t all on the up and up. And according to some, these big swings in price are text book trends during a bear market. In light of this, peeople like Baruch still see more upside for gold. His target is set at $2,000 right now. This could take gold to record levels.
In a show of strength, the gold and mining sector has seen many companies hitting fresh 52-week and multi-year highs. Aside from Barrick Gold stock, Newmont gold just saw its shares reach fresh highs this week. Kinross, IMC International, and others like Franco-Nevada (FNV) are all reaching for the sky at inking new highs this month. Even as gold is still finding its footing, the trend is clear and gold is a major focus right now more than it probably was just a few months ago.
Will the “Great Lockdown” put a bigger squeeze on the broader markets and will gold stocks push even higher before the end of the month? Leave a comment and let us know your thoughts.