IMIMF - Will These Gold Stocks Make New Highs Before April?
Top Gold Stocks to Watch Right Now
The price of gold maintained its latest support level of around $1,635. Meanwhile, the markets jostled ahead of the potential coronavirus stimulus vote. Assuming this bill passes, it could give a short-term boost to the economy. Furthermore, it would also add fresh greenbacks to the monetary supply. In such a situation it could be time to revisit the discussion about a bullish gold trend.
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Historically speaking, low interest, devalued currency, and slowing economic growth are contributing factors to favorable gold prices. Now, we’ve already seen the Federal Reserve make a move toward massive quantitative easing this month; unlimited in fact. With more coronavirus cases being confirmed, it’s been a rocky road for U.S. markets to traverse on Friday.
While President Trump suggests that there are more cases due to more testing, it hasn’t helped boost sentiment as the S&P and the Dow both pulled back in the morning. So, what’s next? Some are starting to turn toward gold and gold stocks. With markets treading water in Bear Market territory, that “turn” could be well-timed.
Top Gold Stocks To Watch: IMC International Mining (IMCX)
Shares of IMC International Mining (IMCX Stock Report)(IMIMF) have steadily moved higher this week. After hitting lows of $0.38CAD, the exploration stage gold stock has reached highs of $0.45CAD on Friday. This 18% move comes has gold prices steadily climb and just after the company’s most recent conference call.
Incoming Chairman Greg Hawkins expressed the goal of beginning exploration by May and starting the drilling process before the end of the year. By any stretch, this is an aggressive stance for a mining company. Furthermore, CEO Brian Thurstan said that he doesn’t anticipate much impact from the current coronavirus pandemic.
If you haven’t followed IMC lately, the company is in the middle of a major acquisition. The company has a definitive agreement signed to buy Thane Minerals and it Cathedral Property. This property is in an area known as the Quesnel Terrane which hosts past and planned production of 50 billion pounds of copper and 28 million ounces of gold. It’s also home to some of the top mining projects in northern British Columbia.
Top Gold Stocks to Watch: Barrick Gold
Leading gold company, Barrick Gold (GOLD Stock Report) (ABX) has been on the rise this month. After plummetting to lows of $12.65 it has bounced back in bullish fashion. This week the gold stock reached highs of over $20 and currently sits above $19 on Friday.
While the stock has moved in lockstep with gold prices, analysts have become more bullish on the mining company. Barrick gold stock was recently maintained at Buy, but Deutsche Bank boosted the price target to $25 per share. Previous to this, Barrick gold stock was holding a price target of $22 by Deutsche Bank.
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In a recent update from the company President and chief executive Mark Bristow had several things to point out to look forward to from Barrick. “The work we did in 2019 has equipped us well to take Barrick to the next level,” says Bristow. “We stand on the strong foundation of our enormous organic growth potential, which will support a positive production profile and a very robust business, capable of generating a substantial cash flow for at least the next decade. There are also opportunities for growth outside our current ambit which we continue to explore.”
Top Gold Stocks To Watch: New Gold Inc.
New Gold Inc. (NGD Stock Report) has maintained a relatively strong trading channel since bouncing back from lows this month of $0.3901. One of the biggest concerns for some investors has been hinged on the implications of coronavirus on operations.
Earlier this month New Gold updated on just that fact. New Gold announced that it suspended its operations at a mine in Ontario Canada. This wasn’t due to any internal issue, however. It was based on new COVID-19 travel guidance.
The company further explained, “During the next two weeks, the Rainy River Mine will maintain a minimum crew to monitor and maintain essential activities, ensure there is no impact to the environment and fully sanitize the mine site, camp, and mobile and fixed equipment to ensure the safest possible environment for our employees when operations resume.”
Top Gold Stocks To Watch: Golden Star Resources
Finally, Golden Star Resources (GSS Stock Report) has maintained a general uptrend since it too dropped earlier this month to 52-week lows. Similar to Barrick gold stock, Golden Star dipped around March 16. Shares reached lows of $1.85, which was a level not seen since 2016.
This week sentiment remained high. Golden Star also reported new updates to close the week on a hopeful note. The company announced its Mineral Reserves and Mineral Resources estimate as of December 31, 2019
“It is extremely encouraging to see another significant increase in the overall Resource base at Wassa, which continues to gain real scale and production growth. Through 2019 we focused on improving our geological understanding and confidence in the areas to be mined in 2020 and 2021 with increased definition drilling, which has resulted in an 87% increase in the Proven Mineral Reserve,” said Andrew Wray, Chief Executive Officer of Golden Star.
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