Last year, we saw the insane price movement of gold. Gold stocks shot upwards with the price of gold itself after the pandemic arrived. At one point, gold prices even reached a new record high at above $2,000 per ounce. But things have changed in the last few months for gold, so you may be wondering; where does it stand now? Well it isn’t that simple, as there are many things that impact the price of gold stocks. The first of which obviously, is the price of gold. On January 21st, the price of gold is at $1860 per ounce on average. This price is down from the previous day.
On the same day, a new jobless claim report was released by the Department of Labor. In this report, it announced that initial jobless claims during the week ended January 16th was 900,000 vs. the 935,000 expected. Continuing claims week ending on January 9th was at 5.054 million vs. 5.3 million expected. Jobless claims normally will have an effect on the price of gold. Since the reports were lower than expected, gold slightly fell the morning of the report release. Pandemic numbers are still rising exponentially at the moment. This is how gold has been able to hold its price point of above $1,800 per ounce at the moment. This scares some investors, as if things recover, gold stocks could potentially fall hard.
Despite the volatility of these mining stocks, there are still many great companies to keep your eye on. Many gold stocks reached new record highs in the last year, and some are still looking at an upwards trajectory in 2021. So let’s take a look at four of these gold stocks that could potentially see good performance this year.Top Gold Stocks To Buy Or Sell In 2021
- Gold Fields Limited (NYSE: GFI)
- IAMGOLD Corporation (NYSE: IAG)
- Seabridge Gold Inc. (NYSE: SA)
- Barrick Gold Corporation (NYSE: GOLD)
The first gold stock to watch is Gold Fields Limited. Gold Fields is a gold producing corporation that offers a variety of resources and reserves. The company’s assets are located in Chile, South Africa, Australia, Ghana, and Peru. Gold Fields currently has 9 operating mines with an annual gold equivalent production of 2.2 million ounces. Additionally, the company has gold mineral reserves of about 51.3 million ounces and mineral resources of 115.7 million ounces. Gold Field’s also has copper reserves of 616 million pounds and mineral resources totaling 882 million pounds. So how is its 2021 performance looking so far?
The most recent company update comes from January 21st when the company appointed a new CEO designate, Chris Griffith. Griffith with succeed the previous CEO on the first day of April in 2021. GFI stock is performing similarly to many other mining stocks at the moment. GFI stock price went up the first week of January 2021, but then fell down shortly after. Now in the third week of January, GFI stock is gaining again, up 3% so far on the day of the 21st. As of the 21st, its stock price is at $9.62 a share on average.IAMGOLD Corporation
The next company on this list is IAMGOLD Corporation. IAMGOLD is a mining company that explores for, develops, and operates various gold mining properties. These properties are located in The Americas and West Africa. It currently has interest in the Rosebel mine, Essakane mine, Westwood mine, Diakha-Siribaya project, and many more assets as well. So how is IAMGOLD and IAG stock performing in 2021 so far?
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On January 19th, IAMGOLD released its 2020 guidance report. It was announced here that the company stated it met its 2020 guidance, and produced 653,000 ounces of gold. IAMGOLD left 2020 with $950 million in cash on hand. The CEO and President of the company, Gordon Stothart said, “Looking forward, IAMGOLD’s unique growth platform will enable our transformation to a lower cost producer of over one million ounces of annual production within the next two-and-a-half years.” That is the most recent progression update from the company. In the last 5 days, IAG stock has gone from $3.41 a share to $3.44 a share. While this isn’t the greatest improvement, it is still higher than some gold stocks are gaining at the moment.Seabridge Gold Inc.
Next up on this gold stock list is Seabridge Gold Inc. Seabridge is an acquisition and exploration based gold company in North America. The company searches for gold, silver, and copper ores. Primarily it operates the Kerr-Sulphurets-Mitchell property in Canada. It also operates various other properties throughout North America. Let’s have a look at Seabridge’s 2021 performance.
This company has not released any updates recently. So SA stock price is moving solely on precious metal prices. So with that being said, it moved upwards in the first week of 2021, and then fell in the second week. Now in the third week SA stock is seeing some small gains in price. It will be interesting to see what is in Seabridge’s next upcoming reports and how it will affect SA stock.Barrick Gold Corporation
The final company on this list is Barrick Gold Corporation. Barrick Gold is one of the largest gold producers around. The company engages in exploration, mine development, production, and selling of gold. Barrick holds interest in gold mines in Argentina, Canada, Democratic Republic of Congo, Mali, Papua New Guinea, United States, and Tanzania. The company has additional copper mines in other countries as well. So let’s take a look at how this staple gold company is performing as 2021 continues on.
On January 14th, Barrick Gold announced its preliminary full year and fourth quarter results from 2020. In the reports, Barrick achieved its 2020 guidance targets. Its preliminary gold production was 4.8 million ounces, which was in the middle of its 4.6 to 5.0 million ounce guidance range. As of January 21st, GOLD stock price is at $23.51 per share on average.