Breaking News on March 3 triggered a rally for gold and gold stocks. The U.S. Fed cut interest rates by 50 basis points on Tuesday. This was in response to “evolving risks” from the spread of the coronavirus. The decision pushed global stock markets higher and triggered hopes of more central bank actions.
“The ultimate impact remains entirely unknown at this stage. And uncertainty is the enemy of conviction.”Eleanor Creagh, Saxo Capital Markets
Meanwhile, cases continue to spread across the world. The CDC has warned that it’s not a matter of if but when the spread will hit the greater United States. As investors continue to brace for an unknown impact, gold stocks remain in the spotlight. With that in mind, here’s a list of gold stocks to watch right now.
#1 Gold Stocks To Watch: IMC International Mining
First, IMC International Mining (IMCX – Free Report)(IMIMF) has managed to post a strong rally this year. This month, not only did the company bring on new management, appointing David CharCharlton as CFO, it also has a letter of intent in place for a new acquisition.
The proposed, multi-million dollar purchase targets Than Minerals. It would see IMC International acquire Thane and its 100% owned Cathedral Property in British Columbia, Canada. Property is located in Quesnel Terrane, which hosts past, current and developing copper-gold mines. It also has sound infrastructure as its close to power, road access and water.
Furthermore, Greg Hawkins, MSc, PGeo will be appointed as Chairman to the Company’s Board of Directors as part of this acquisition. Hawkins is currently a Director of New Pacific Metals Corp. (NUAG – Free Report) and was the Founding Project Consultant and/or Founding Director of seven public and private Exploration/Development ventures.
“The Cathedral Project has very good potential centered in this highly productive area. We will work diligently with the integrated Thane team to develop the Cathedral project and will continue our growth model through acquisitions of both domestic and international assets,” said President & CEO Brian Thurston. IMC International’s stock has climbed over 80% to date since the start of 2020.
#2 Gold Stocks To Watch: Harmony Gold
After pulling back from historic highs on Monday, Harmony Gold stocks (HMY – Free Report) has started to rebound Wednesday morning. Shares closed at $4.03 but have since traded as high as $4.19 during premarket hours. Much of the latest excitement has certainly stemmed from the gold price boom but the company has also delivered on certain milestones.
Earlier this month, Harmony reported fiscal first half, 2020 financial results. These included, among other things, an increase in earnings per share as well as a jump in revenue. Furthermore, its commitment to the newly purchased South African assets of AngloGold may have brought some additional attention to the company.
The Mponeng mine is the world’s deepest mine and could enhance Harmony’s near-term production according to the company. How much production are we talking about; approximately 350,000oz per year. This will likely be something investors will monitor given the consistent $1,600+ gold price right now.
#3 Gold Stocks To Watch: Northern Dynasty Minerals
Finally, Northern Dynasty Minerals (NAK – Free Report) could be a top gold stock to watch. As of its last update, the company reached a milestone. The US Army Corps of Engineers distributed a preliminary version of the Final Environmental Impact Statement for Northern’s Alaska property.
The importance of this document is what it could mean for Northern Dynasty’s project. As stated by the company, “After reviewing a copy of the Executive Summary of the Preliminary Final Environmental Impact Statement for the Pebble Project that was leaked to the media, Pebble Partnership CEO Tom Collier said the information in the near-final report was positive and demonstrates the project can be done without harming the Bristol Bay fishery and would be beneficial to communities closest to the project.”
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Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp.(CSE: IMCX), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX). Read full disclaimer here.