There are plenty of things that can affect the price of gold. With that, the things that can affect gold stocks are very diverse. One thing that moves the price of gold a lot is the price of the dollar. This means when the economy is struggling, the price of gold will go up. Because of the pandemic this had a record breaking effect on gold. It reached a new all time high at just above $2,000 per ounce. This was amazing for investors of gold that did not pull out of gold stocks when things crashed in March. Now there are plenty of things that are affecting gold stocks again in December 2020. Meaning if you don’t look at the bigger picture and look at the things affecting the assets week by week.
At the moment it is vaccine news, stimulus bill news, unemployment reports, and election related things that are moving the price of gold up and down. Many think that there is not room to invest in the market right now but they would be very wrong. Some investors think this is the best time to put money into the market. There have been analyst predictions placing gold at $2,000 or even $2,500 per ounce at some point in 2021. Keep in mind these are predictions, so look at them with an open mind. The point being, there are plenty of great gold stocks to watch at the moment. You just must stay updated on the latest news going on with gold stocks if you are looking to invest. Now let’s look at the top gold stocks to watch if you are looking to invest in the market.Best Gold Stocks For Your Watch List: Newmont Corporation
The first gold stock to watch is Newmont Corporation (NEM Stock Report). Newmont is a mining company that explores for and produces gold, silver, copper, zinc, and lead. Its operations are active in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, and many more. The company had proven and probable gold reserves of 100.2 million on December 31st 2019. Newmont also has a strategic alliance agreement with Kirkland Lake Gold to assess regional exploration opportunities on the Timmins properties in Canada. Let’s look at what Newmont has been up to in recent history.
At the start of November, the company gave a new company update to shareholders. Its production direction is at 6.5 million ounces for 2021. The mining company is predicted and expected to have numbers at 6.5 and 7 million ounces through 2025. The CEO of Newmont, Tom Palmer, stated, “Newmont’s outlook remains strong and stable as we apply the rigor and discipline of our proven operating model across our world-class portfolio.” This company update provided positive outlook for Newmont Corporation. NEM stock price has been increasing significantly in 2020 as a result.Best Gold Stocks For Your Watch List: Kinross Gold Corporation
The next gold stock to watch is Kinross Gold Corporation (KGC Stock Report). Kinross is a mining company that explores for land, acquires land, and develops gold assets at its properties. These properties operate in the United States, Canada, Russia, and more. Kinross extracts and processes ore and then produces and sells the. Minerals involved. In its most recent estimate, Kinross had 24.3 million ounces and 55.7 million ounces of proven and probable gold and silver.
Back in November, it released financial results for the third quarter of 2020. Included in this was an 86% increase year over year in operating cash flow. Additionally, Kinross’s production numbers are targeted to have the same guidance predicted at the start of the year. As a result, KGC stock has benefitted quite well in 2020. As of December 24th, KGC stock price is at $7.39 a share on average. At the start of the year, KGC stock was under $5 a share.Best Gold Stocks For Your Watch List: Wheaton Precious Metals Corp.
The next company on this list of gold stocks is Wheaton Precious Metals Corp. (WPM Stock Report) Wheaton Precious Metals is a mining company that sells gold, silver, and palladium ores. Wheaton’s products are sold worldwide and in Canada where its based. It currently has 20 operating mine agreements and 9 developmental stage project agreements. WPM stock price is at record highs at points in 2020. So let’s see the company’s recent advancements.[Read More] New Stimulus Bill Impacts Mining Stocks
Back in July WPM stock reached a new all time high in the market. This is as a result of positive financial results and rising metal prices for gold. The company announced record revenue, sales, and operating cash flow in the quarter. Its operating cash flow rose 60% year over year to $228 million. Its revenue went up 37% as well. WPM stock price is at $42 a share on average as of December 24th.Best Gold Stocks For Your Watch List: New Gold Inc.
The final company on this gold stock list is New Gold Inc. (NGD Stock Report). This is a mining corporation that develops mineral properties in many areas in Canada and Mexico. Its active mining operations are focused on gold, silver, and copper deposits at its mines. Included in its mines are the Rainy River mine, Afton mine, Cerro San Pedro mine, upon others. Let’s take a look at why NGD stock price is going up so much in 2020.
Back in November, New Gold released a statement regarding the partial redemption of its outstanding 6.375% senior notes. The company issued a notice of redemption for $200 million aggregate principal amount of the outstanding 2025 notes. This has now been executed on the 23rdrd of December, using cash on hand as the payment option. NGD stock price is at $2.21 a share on average as of December 24th, 2020. It will be interesting to see how this gold company progresses in the future. That is it for this list of the top gold stocks to watch.