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Can These Top Gold Stocks Continue Their Bullish Momentum Into May 2021?
When it comes to the question of what stocks to buy today, investors may want to consider gold stocks. Why? Well, some would consider gold stocks as a safe haven amidst volatile times on the stock market. For starters, some of 2020’s top growth stocks appear to be coming off their pandemic boosted highs. As you’d expect, this would be the case given improving pandemic conditions. While investors may be trimming their holdings in growth names like Netflix (NASDAQ: NFLX), gold prices continue to rally. So much so, that the commodity appears to be rising towards an eight-week high of $1786.17 an ounce.
Moreover, we continue to see the pace of inflation rising. In fact, it hit a two and half-year high last month. At the same time, we saw the dollar weakening over the past few weeks. As seasoned investors would know, gold prices usually strengthen as major fiat currencies weaken. Because of this, the likes of Sibanye Stillwater (NYSE: SBSW) and Coeur Mining (NYSE: CDE) continue to rise. Both companies’ share prices have more than doubled in value over the past year. Given the current momentum in the gold industry now, you might be interested to invest in top gold stocks yourself. If you are, here are four of the top gold stocks to watch in the stock market today.
Gold Stocks To Watch Ahead Of May 2021
Newmont is one of the world’s largest gold producers and a producer of copper, silver, zinc, and lead. The company’s world-class portfolio of assets spans many continents. It is also the only gold producer that is listed in the S&P 500 index. Boasting over 31,600 employees and the largest gold reserves in the world, the company is truly a force to reckon with in the industry. NEM stock currently trades at $66.59 as of 1:04 p.m. ET and has been up by over 15% since the start of March.
In February, the company reported record full-year and fourth-quarter financial results, much to investors’ delight. Newmont produced 5.9 million attributable ounces of gold and over 1 million attributable gold equivalent ounces of co-products. The company had achieved its 2020 full-year guidance with these figures. Impressively, Newmont also ended the year with $5.5 billion in consolidated cash. The company also delivered over $2.7 billion to shareholders through dividends and share buybacks. For its 2021 outlook, the company hopes to produce 6.5 million ounces of gold.
On top of generating record value for shareholders, the company has over 94 million ounces of gold mineral reserves and 65 million ounces of gold equivalent ounces reserves. Given all of this, will you consider adding NEM stock to your portfolio?
Barrick Gold Corp
Barrick is a mining company that strives to be the world’s most valued gold mining business. It has gold and copper mining operations and projects in 13 countries. In essence, the company is focused on high-margin, long-life operations and projects clustered in the world’s most prospective gold districts. GOLD stock currently trades at $22.63 as of 1:04 p.m. ET and has been up by over 15% since March. Last week, the company announced solid first-quarter financials. It is also on track to achieve its 2021 production targets.
Firstly, the company reported preliminary Q1 sales of 1.09 million ounces of gold and 113 million pounds of copper. Secondly, it also announced preliminary Q1 production of 1.10 million ounces of gold and 93 million pounds of copper. On Monday, Barrick had also reported that its Kibali mine is off to a strong start to 2021, producing over 190,000 ounces of gold in the first quarter of 2021.
The mine is on track to achieve its full-year target. Efficiency improvement projects completed during the quarter, including an upgrade of the hoisting infrastructure, will boost its performance further. For these reasons, will you consider buying GOLD stock?
Gold Fields Limited
Gold Fields is a globally diversified gold producer with nine operating mines in Australia, South Africa, and Peru among others. The company continues to deliver value for shareholders by having a long life and low-cost production sites. The company also delivers world-class operating performance and maintains a project pipeline for growth. GFI stock currently trades at $10.14 as of 1:05 p.m. ET.
In February, the company reported its full-year 2020 financial results. To start things off, the company reported an attributable production of 2.23 million ounces of gold in 2020, Gold Fields also posted a net cash flow of $631 million. The company affirms that its portfolio is positioned to produce between 2 million to 2.5 million ounces of gold annually for the next 10 years. Given the company’s long-term strategy, will you consider adding GFI stock to your list of top gold stocks to buy?
Kinross Gold Corporation
Last but not least, we have Kinross Gold Corporation. The Canadian-based gold and silver mining company is a leading player in the gold-mining industry. As it stands, Kinross has gold-bearing operations across the globe. Notable sites are situated in the U.S., Canada, Russia, and Brazil to name a few. Similarly, KGC stock is up by 10% this month and currently trades at $7.67 a share as of 1:05 p.m. ET. With the current tailwinds in the gold industry, should investors be watching it now?
Based on the company’s latest operational update from February, Kinross appears to be kicking into high gear. In detail, CEO J. Paul Rollinson reported that Kinross added 5.7 million gold ounces to its reserve estimates in 2020. This marks a sizable 23% year-over-year increase.
On top of that, Kinross is actively developing new gold operations while bolstering existing projects across its portfolio as well. Rollinson reported that the company’s Tasiast 24k and La Coipa projects, which are currently under construction, “remain on schedule and are proceeding well”. Seeing as the company is set to release its first-quarter earnings on May 11, investors could be watching it closely. To this end, would you consider KGC stock a buy right now?
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