Gold stocks have been a hot commodity in the market lately. The pandemic boosted the yellow metal to a new record high back in 2020. And in 2021, the metal has been able to keep a lot of its 2020 momentum. The issue is, nobody knows truly where gold prices are headed at the moment. On one side of the fence, the pandemic numbers are falling which could cause gold prices to fall as well.
This is because when the economy is bad, gold prices go up. Many investors prefer to move their assets to metals like gold to avoid the dollar when it is slipping. So some analysts think that gold’s bull run is over. But other analysts think this is far from happening. Some even think that gold prices have the potential to push over $2,500 per ounce. This may sound ambitious, but just look at what happened to gold in 2020.
There are plenty of gold stocks that are proving to be viable investments at the moment. Some gold stocks are still actively seeing large increases in share prices. It is important to note a few things before investing though. Always do the proper research needed instead of just blinding investing in these assets.
This includes looking at recent news in the sector, recent company updates, stock volume, and more. Gold futures and gold ETFs could also be an option for you if you want an alternative to gold stocks. No matter how you mix the bag, there are plenty of gold assets that are increasing in stock price at the moment. Let’s take a look at four gold stocks that have been trending in the market recently.Top Gold Stocks To Watch
- NovaGold Resources Inc. (NYSE: NG)
- Barrick Gold Corporation (NYSE: GOLD)
- Eldorado Gold Corporation (NYSE: EGO)
- Kirkland Lake Gold Ltd. (NYSE: KL)
The first gold stock to watch on this list is NovaGold Resources Inc. NovaGold is a mining corporation that explores and develops gold mineral properties in the United States. The company holds a 50% interest in the Donlin Gold project holding 493 mining claims in Alaska. These mining claims take up an area of 71,420 acres in the Kuskokwim region of southwestern Alaska. Let’s take a look at the company’s most recent updates as of March 2021.
On January 27th, the most recent update from NovaGold was released. This was in the form of its fiscal year 2020 financial results. The corporation successfully completed a 23,400 meter 85 hole drill program during the year. The company stated, “Despite numerous challenges, Donlin Gold successfully completed a comprehensive drill program – the largest of its kind in 12 years – at a time of unprecedented impediments caused by the COVID-19 pandemic.”Barrick Gold Corporation
Next up on this gold stock list is Barrick Gold Corporation. Barrick Gold is a gold business that explores, mine develops, produces, and sells gold and copper properties. The company actively operated gold mines in 12 different countries, and had 71 million ounces of proven and probable gold and copper reserves at the end of 2019. To date, Barrick Gold is one of the largest active gold producers in the entire world. Let’s take a look at how Barrick Gold Corporation is performing in March and 2021 so far.
On February 18th the company released its annual reserve and resource declaration. As of December 31st Barrick Gold Corporation had a 76% replacement of depletion. This is with a consistent reserve grade year over year, after adjustments. Its net reserves fell 2% year over year. But its total attributable group gold resources increased in 2020, as well as other metals.Eldorado Gold Corporation
Now let’s talk about Eldorado Gold Corporation. Eldorado Gold Corporation is a mining company that will discover and acquire land, explore it, develop it, and then produce and sell precious metals. Its products include but are not limited to gold, silver, zinc, lead, and iron ores as well. Currently Eldorado runs the Kisladag and Efemcukuru mines. So what is the most recent update that has come from Eldorado?
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On February 25th the corporation reported its 2020 year end and fourth quarter financial and operational results. Eldorado achieved a 34% increase in production from 395,331 ounces in 2019 to 528,874 ounces in 2020. This strong production resulted in increased cash from operations and free cash flow for Eldorado.Kirkland Lake Gold Ltd.
Last but not least on this mining stock list comes Kirkland Lake Gold Ltd. Kirkland Lake is a mining corporation that owns mining claims and land in a variety of places. The company explores for different mineral resources at a diverse portfolio of projects. Its main resource searched for at Kirkland Lake’s claims is gold. Its major assets are the Macassa Mine and Fosterville mines located in Canada and Australia. Let’s dive into its recent market history and more.
One week ago Kirkland Lake reported its fourth quarter and fiscal year 2020 results. This included record production numbers of 369,434 oz in the quarter. It also broke records for its net earnings and adjusted net earnings. Kirkland Lake achieved its full year 2020 guidance, and achieved record earnings and cash flow as well. Tony Makuch, the President and CEO said, “Faced with the challenges of a global pandemic, our team rose to the occasion and effectively responded to the COVID-19 virus with there being no transmission of the virus at any of our sites during the year.”