These Gold Stocks Were Making Moves Last Week
In a development that perhaps points to further turmoil in the global investment climate, gold futures went past to a new 7-year high of over $1,614 on Wednesday. More importantly, analysts believe that it could rise further. That being said, technical analysts have stated that the rally is not due to fear of economic turmoil. But rather in anticipation of central bank boost. In the midst of such a rally, it may be worthwhile for investors to explore the option of finding a few gold stocks to watch this month. Here is a look at 3 of those.
Gold Stocks To Watch: IMC International Mining
First, on the list of gold stocks to watch, IMC International Mining (IMCX – Free Report) (IMIMF) has begun to capture more attention following its recent LOI announcement. The company reported that it signed a letter of intent to acquire Thane Minerals. The importance of this transaction is the fact that it would give IMC access to 100% interest in the Cathedral Property in British Columbia, Canada.
The Cathedral Project covers over 51,000 acres in a region known as the “Quesnel Terrane”. The fact that Cathedral is still in a relatively unexplored portion of the northern Quesnel Terrane means that IMC International has an opportunity to strike gold and other metals, first.
Furthermore, the region has been noted for its rich mineralization. Quesnel hosts past and planned production of 50 billion pounds of copper, 28 million ounces of gold, and has 16 producing and development projects. Thanks to these developments and others, IMC gold stock managed to reach new 52-week highs from its US listing, IMIMF, on Tuesday.
Gold Stocks To Watch: Barrick Gold
Another gold stock that could be worth watching is mining giant Barrick Gold (GOLD – Free Report). The stock has enjoyed a steady rally since the middle of 2019. Considering the rising price of gold, it could be worth taking a look at the Barrick gold stock.
In addition to that, it is important to note that the company recently announced that it is going to raise its dividends in the upcoming quarter. Obviously, that could prove to be another positive for the company.
Barrick gold stock has enjoyed bullish responses from several analysts on Wall Street this month as well. Raymond James maintained its Outperform rating and $22 price target. TD Securities maintained a Hold rating but boosted its price target to $22 as well.
Gold Stocks To Watch: Hecla Mining
Hecla Mining (HL – Free Report) has emerged as another promising gold-stock over the past few weeks. That’s especially so after the company announced its quarterly results earlier this month. Hecla broke even in the quarter and beat analysts’ estimates of losses of $.01 per share.
In the prior-year period, the loss per share had stood at $.06 a share. The performance has created a degree of positivity about the stock. On Tuesday, Hecla gold stock rose by as much as 10%. The company recently priced a $475 million offering of senior notes this month.
The proceeds are set for use to redeem the company’s outstanding senior notes that come due next year. The company said it will also use the funds to pay fees and expenses related to the redemption and the offering. Over the last 3 sessions, HL stock has enjoyed a steady uptrend from lows of $2.89 to highs of $3.32 on Wednesday.
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)