We all know about the tremendous price increase that gold stocks experienced in 2020. The metal fell short in March when the pandemic was destroying the economy. Then one month later, a huge boom was seen for gold stocks. This resulted in the price of gold reaching new record highs in the market last year. So, where do things stand with gold stocks at the moment? Well, gold stocks have taken a dive as the world has begun to recover. Yet, at the same time, many gold stocks are increasing in market value in 2021.
On April 5th, gold and silver prices are lower. This is as a result of investors and traders are not wanting to risk as much. This was caused by a positive U.S. economic report that was released last week. In addition to this, the U.S. dollar index paused as a result of recent gains. The price of gold is still holding above $1700 per ounce at the moment. Many analysts believed it would fall further than this, while on the other hand many thought it would not fall below $1,800 per ounce.
In other recent news, President Joe Biden announced a $2 trillion jobs plan to improve the U.S. economy. The plan is to spend this money over 8 years by raising the corporate tax rate. This could adversely have an effect on the gold market. The strongest rally call seems to be from Wells Fargo, who projects the yellow metal could potentially reach $2,200 this year. The company stated, “Gold supplies have flipped from excessive to deficient. Such times in the past have sparked some of gold’s strongest price rallies.” Let’s take a look at four gold stocks that could be moving higher in the market as a result of all of these recent news pieces.Top Gold Stocks To Watch
- Barrick Gold Corporation (NYSE: GOLD)
- IAMGOLD Corporation (NYSE: IAG)
- Gold Fields Limited (NYSE: GFI)
- Kinross Gold Corporation (NYSE: KGC)
The first gold stock on this list is one of the largest in terms of production. Often Barrick Gold Corporation will lead the market for gold stocks. Barrick is a mining company will explore and develop a portfolio of mines. This is where Barrick produces gold. Barrick’s processes take place in the United States, Canada, and many other places. There are many things affecting the price of GOLD stock at the moment so let’s take a look.
Barrick announced on April 5th that it is nearing the reopening of its Papau New Guinea ‘Porgera’ gold mine. Barrick also recently released a statement speaking on its significant progress. The CEO of the company Mark Bristow stated, “Efficient operations and effective management enabled us to capitalize fully on the higher gold and copper prices and to pass the rewards on to our investors as well as our community stakeholders. These achievements were produced on the foundation of a solid 10-year plan.”IAMGOLD Corporation
Another gold stock that must be discussed is IAMGOLD Corporation. IAG stock price just saw a price bump on April 5th. IAMGOLD is a mining corporation that explores, operates, and develops a variety of mineral properties. The company’s assets are located in North America, South America, and West Africa too. It normally looks for gold but also has interest in other assets like silver too. IAMGOLD owns the Essakane mine, Westwood mine, Roebel mine, and others.
Nobody has known what the future will hold for IAG stock in the current market. On April 1st, IAMGOLD released a statement regarding its first quarter 2021 financial results. The results will be released on May 3rd, 2021. This is likely when the next significant price movement can be expected from IAG stock unless more updates are released. For the time being, IAG stock is one for your watch list if you are thinking of investing in gold stocks.Gold Fields LimitedNYSE
GFI stock has seen a bit of momentum in its last 5 market days. This comes after Gold Fields Limited released its 2020 integrated annual report. Gold Fields Limited is a gold company that offers and produces a diverse set of resources and reserves. Gold Field’s assets are in Chile, South Africa, Australia, Ghana, and Peru. The company nowadays has 9 operating mines with an annual gold equivalent production of 2.2 million ounces. Moreover, the company has gold mineral reserves of about 51.3 million ounces and mineral resources of 115.7 million ounces.
So what happened in this annual report? Gold Fields gold-equivalent mineral reserves and mineral resources grew year over year. It also experienced a CEO change, but this information was previously announced. On March 29th, GFI stock was at $9.33 a share. Now on April 5th, GFI stock is at $10.20 a share on average. On this day GFI stock reached its one month high point. So could things be looking up for GFI stock? Only time will tell.Kinross Gold Corporation
This final gold stock has had a bit of ups and downs in the market throughout the last year. Kinross Gold Corporation is a mining company that will acquire land, explore this land, and develop it. These properties are usually gold based, located in the US, Canada, Russia, and more. In addition to this, it will extract and process gold containing ores and reclaim properties. So why is KGC stock moving in the market?
[Read More] Top Mining Stocks To Watch This Week
A lot of KGC stock recent movement can be attributed to the price of gold itself. This is because Kinross Gold has not released any recent updates that could potentially affect its stock price. Its last results were positive for the company. The President and CEO J. Paul Rollinson said, “Kinross delivered an excellent year in 2020, generating record free cash flow of more than $1 billion from our diversified portfolio of mines. We met our original guidance for the ninth consecutive year despite the impacts of the global pandemic.”