In a development that perhaps points to further turmoil in the global investment climate, gold price went past $1,660 this week. More importantly, analysts believe that it could rise further amid the coronavirus outbreak in the US. 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 4 of those.
Top 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.
Top Gold Stocks To Watch: IMC International Mining
IMC International Mining (IMIMF – Free Report) (IMCX) pushed back toward March highs on Thursday. Much of the action has been in Canada as many Canadian mining stocks surged this week. While IMC is still in its exploration stages, it has managed to gain attention after its latest acquisition announcement. Further to this, the company announced this week that it plans to close on this deal by March 15. Given the scope of the proposed property, it could become a large asset for IMC International.
The acquisition will see IMC buy Than Minerals including its 100% owned Cathedral property in British Columbia. Cathedral is located in an area called the Quesnel Terrane. It hosts past and planned production of 50 billion pounds of copper, 28 million ounces of gold, and has 16 producing and development projects. With the rising price of gold, this acquisition could present bigger opportunities for IMC.
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Top Gold Stocks: Agnico Eagle Mines (AEM)
Next, Agnico Eagle Mines (AEM – Free Report) has reached new March highs on Thursday. During the mid-morning session, Agnico gold stock reached $52.62 as gold prices moved higher. While this is still a stark difference from where it was earlier this year, the move is in line with most gold stocks today.
The company is one of the backers of White Gold Corp’s exploration program along with Kinross Gold (KGC – Free Report). In its last update, White Gold announced the extension of its VG deposit mineralization. It also advanced new targets in close proximity to the VG deposit.
In reference to the recently published quarterly and full-year results for 2019, Sean Boyd, Agnico Eagle’s Chief Executive Officer, said, “With two new mines coming into production in Nunavut, 2019 was a pivotal year for the Company. We set new records for both annual gold production and cash provided by operating activities. Despite setting these production and cash flow records, the production ramp-up in Nunavut has been slower than expected, which has resulted in higher than anticipated costs in the fourth quarter of 2019 and slight revisions to our 2020 production guidance.”
“In 2020, we have put plans in place to improve productivity and optimize the operations as they continue to ramp up and we expect quarterly production growth and lower costs as we move through the year.”
Top Gold Stocks to Watch: Harmony Gold
Next, Harmony Gold (HMY – Free Report) has captured attention thanks to its latest deal with AngloGold Ashanti (AU – Free Report). Specifically, the company was chosen by AngloGold to purchase the remaining South African assets. The purchase price of the deal was $300 million.
“Over the past two years, Harmony has added over 500,000 quality gold ounces per annum through the acquisition of Moab Khotsong and now Mponeng and Mine Waste Solutions. The Acquisition has the potential to improve our overall recovered grade and increasing our cash flow margins. Harmony has demonstrated its ability to increase the life of mines it operates in South Africa – sustaining the mine communities surrounding the mining operations, preserving jobs and further unlocking value for its shareholders through increased grades and stronger margins”, Peter Steenkamp, chief executive officer of Harmony said in a press release.
Shares of Harmony gold stock reached new 52-week highs this week. This was in line with the bullish surge in gold prices. As of February 27, premarket trading shows HMY stock gapping up above $4 once again.
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