In 2020 there has been a plethora of gold stocks to watch. The global economy tanked because of the COVID-19 pandemic, which was great for precious metals. This is due to investors choosing metals as a physical asset rather than the dollar. The economy is still in a bad place in November 2020. But now news has come out that two pharmaceutical companies have vaccines around 95% effective. So this subsequently brought gold prices down recently. Yet still, the price of gold has not dropped to under $1,850.
This is because a vaccine is not anywhere near being widely distributed. These vaccines have not even been approved by health commissions yet. The election also impacted gold prices. In fact, the election caused gold prices to go up as the dollar fell.
So now we will see the true effect of this in the coming months. While these are volatile times, there are many gold stocks that are performing well. Generally, these stocks will move with the price of gold and company advancements. Let’s look at four gold stocks to watch as we continue through November.Top Gold Stocks To Watch: Yamana Gold Inc.
Let’s first talk about Yamana Gold Inc. (AUY Stock Report). Yamana Gold produces precious metals in various locations around the world. These locations include Canada, Chile, Argentina, and Brazil. The company explores for and produces gold and silver ores. Currently Yamana has interest in the Cerro Moro mine, Malartic mine, Minera Florida mine, Jacobina mine, and more. So now let’s look at the recent news that has come from this gold stock.
On October 29th, Yamana Gold announced its third quarter financial results for 2020. In these results it reported its free cash flow increasing by 300% year over year. It also reported net earnings falling, but its net debt decreased. The company also recently announced on November 1st it is acquiring the Wasamac property and Camflo property and mill. It is purchasing these properties from Monarch Gold Corporation for $152 million CAD with cash and shares. This will allow Yamana to use the project’s proven and probable mineral reserves of about 1.8 million oz/Ag. That is why AUY stock has been performing well lately.Top Gold Stocks To Watch: New Gold Inc.
The next gold stock to watch is New Gold Inc. (NGD Stock Report). New Gold Inc. is a mining corporation that will develop various mineral properties located in Canada and Mexico. The company mines and searches for gold, silver, and copper deposits. It currently holds 100% interest in the Afton, Rainy River, and Cerro San Pedro mines. The company has been performing well all throughout 2020. Let’s take a look at the recent advancements and releases from New Gold.
On October 13th, New Gold provided a vital third quarter operational update. It produced more than 115,000 gold equivalent ounces in the period. It also sold its Blackwater Project to Artemis Gold for CAD $190 million in Q3 2020. New Gold finished full redemption of its 6.25% senior notes that were due in 2022. It has also greatly improved its operational performance. This has caused NGD stock price to go up more than 125% this year. This positive performance shows a bright future for the company if they continue the same advancements and progress. With revenues, and more increased in 2020 NGD stock is a gold stock to watch.Top Gold Stocks To Watch: Newmont Corporation
Now let’s discuss Newmont Corporation (NEM Stock Report), a high performing gold stock. Newmont Corporation is a mining company that primarily produces and explores for gold, silver, copper, lead, and zinc. The company operates at land in the United States, Mexico, Canada, Peru, and more. As of December 31st 2019, Newmont’s proven and probable gold reserves totaled 100.2 million ounces. It has more than 68,000 square km of land.
The most recent company update comes from November, when it announced plans to achieve zero emissions by 2050. In addition to this, since its earnings season Newmont joined in the party. In its third quarter financial results, it announced 1.5 attributable ounces of gold. Additionally, Newmont stated it had $1.6 billion in cash from continued operations. Newmont achieved record high EBITDA at $1.7 billion and held a free cash flow of $1.3 billion. For investors, its quarterly dividend rose 60% to $0.40 a share. This has helped NEM stock price from from $43 a share in January to $61.65 a share as of November 22nd.Top Gold Stocks To Watch: Eldorado Gold Corporation
The final gold stock to watch is Eldorado Gold Corporation (EGO Stock Report). Eldorado Gold Corporation is a mining-based company that explores, discovers, develops, acquires land, produces, and sells precious minerals. The company’s primary products include gold, silver, lead, zinc, and iron ores. Eldorado operates the Kisladag and Efemcukuru mines. Its properties are located in Canada and Greece. Now let’s dive into the recent news and advancements that have come from the Eldorado Gold Corporation.
Eldorado released an exploration update on November 13th. This update expressed that its new high grade drill intercepts at the Lamaque mine show positive resource growth. In addition to this, its Efemcukuru mine has confirmed continued high grade gold mineralization in drill results. Its Stratoni mine has discovered lower massive sulfide lens of 20+ meters in thickness under its present developments. For Eldorado, this shows a large amount of resource growth potential. The company plans on testing all of this soon.
The CEO and President of Eldorado Gold Corporation stated, “These results from our brownfields programs continue to demonstrate the outstanding exploration potential at our operations”. In 2020 EGO stock has gone from $8.22 a share on average to $12.81 a share on average. This is an increase of about 55.83% in shares for EGO stock. This gold stock to watch has proven positive growth for long term investors in 2020. These gold stocks are trending mainly due to the price increase that gold and other precious metals have encountered in 2020.