The gold sector comprises companies involved in the exploration, mining, and production of gold. It plays a pivotal role in the global commodities market. Gold is often seen as a safe-haven asset, attracting investors during times of economic uncertainty or high inflation. Companies in this sector range from large-cap miners with extensive operations to junior miners focused on exploration and development.
Investing in gold stocks offers the potential for substantial returns, especially when gold prices rise. These stocks can provide leverage to the price of gold, meaning their value may increase at a higher rate than the price of gold itself. However, investing in gold stocks also comes with risks. The sector is subject to operational challenges, including high capital costs, regulatory hurdles, and environmental concerns. Moreover, the performance of gold stocks is closely tied to the fluctuation of gold prices, which can be volatile.
For investors considering gold stocks, it’s important to conduct thorough research and consider diversification within the portfolio. While gold stocks can serve as a hedge against inflation and currency devaluation, their volatility requires careful risk management. Analyzing company fundamentals, operational efficiency, and the geopolitical context of mining operations can aid in making informed investment decisions. With this in mind, here are two gold stocks to watch in the stock market today.
Gold Stocks To Watch In The Stock Market Today
- Barrick Gold Corporation (NYSE: GOLD)
- Newmont Corporation (NYSE: NEM)
Barrick Gold (GOLD Stock)
First up, Barrick Gold Corporation (GOLD) is one of the largest gold mining companies in the world, engaged in the exploration, mine development, production, and sale of gold and copper properties. Barrick operates mines and has projects in various countries, including the United States, Canada, Argentina, and the Dominican Republic.
Last month, Barrick Gold announced that it had declared its fourth quarter 2023 dividend. In detail, the company approved a dividend of $0.10 per share for Q4 2023. The dividend will be paid on March 15, 2024, to shareholders of record on February 29, 2024. This equates to an annual dividend yield of 2.69%.
Over the last month of trading action, shares of GOLD stock have begun to rebound by 3.56%. Moreover, during Tuesday morning’s trading session, Barrick Gold stock is trading higher off the open by 1.52% at $15.69 a share.
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Newmont Corporation (NEM Stock)
Next, Newmont Corporation (NEM) is a leading gold mining company with a diversified portfolio of assets, projects, and operations in the United States, Canada, Mexico, South America, Australia, and Africa. The company is also involved in the production of copper, silver, zinc, and lead.
Last month, Newmont announced its 4th quarter 2023 financial results. Diving in, the company notched in Q4 2023 earnings of $0.50 per share, with revenue of $3.96 billion. For context, this is compared to Wall Street’s estimates for the quarter which were an EPS of $0.51 with revenue estimates of $3.17 billion. Additionally, revenue increased by 23.66% versus the same period, the previous year.
In the last month of trading, shares of NEM stock have risen by 1.74%. Meanwhile, during Tuesday morning’s trading session, Newmont Corp stock opened green, up 1.28% so far, trading at $33.91 a share.
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