Are These The Top Gold Stocks To Buy Ahead Of February 2021?
Gold stocks have had quite a spectacular year last year, reaching an all-time high of over $2,000 per ounce. Investors rallied hard towards top gold stocks in the stock market as other industries crumbled due to the coronavirus pandemic. Of course, many other things can affect the price of gold. The price of the dollar for instance strongly impacts the price of gold. It makes sense because when the economy is struggling, the price of gold will go up. Evidently, the pandemic had caused the worst global economic crisis since the Great Depression. This could explain how gold prices have reached an all-time high last year.
Gold stocks like Osisko Gold Royalties (NYSE: OR) and Equinox Gold (NYSE: EQX) have enjoyed commendable growth since the economy crashed in March. How are gold prices faring today? After a two-week decline, could things finally be picking up? The gold market saw some brief interest on Wednesday when Joe Biden was being sworn in as the 46th President of the United States. All things considered, here are four top gold stocks to be on the lookout for in the stock market today.
Best Gold Stocks To Watch Right Now
- Barrick Gold Corporation (NYSE: GOLD)
- Coeur Mining Inc. (NYSE: CDE)
- Sibanye-Stillwater (NYSE: SBSW)
- SSR Mining Inc. (NASDAQ: SSRM)
Barrick Gold Corporation
Barrick Gold is a mining company that produces gold and copper with 16 operating sites in over 13 countries. The company boasts a diversified portfolio that spans many of the world’s prolific gold districts and is focused on high-margin, long-life assets. The company’s shares are currently traded at $23.54 as of 12:21 p.m. ET.
In the company’s third-quarter fiscal posted in November, it reported a solid quarter, much to investors’ delight. Barrick Gold posted revenue of $3.54 billion for the quarter, which was a 32.19% increase year-over-year. The company also reported net earnings of $882 million and earnings per share of $0.50. Lastly, the company also reported that it had about $1.3 billion in cash. These strong financial results were the result of its agile organizational structure that continues to minimize the impact of the pandemic.
Last week, the company reported that it had achieved its 2020 production targets and also released its preliminary fourth-quarter results. Preliminary gold production for the full year was 4.8 million ounces which is at the midpoint of its 4.6 to 5.0 million ounce guidance range. Barrick Gold also reported quarterly sales of 1.19 million ounces of gold. Gold production was also higher than its third quarter, at 1.21 million ounces, mainly due to a ramp-up of mining operations at Bulyanhulu. With such impressive financials, will you consider adding GOLD stock to your watchlist?
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Coeur Mining Inc.
Coeur Mining is a well-diversified growing precious metals producer with five operations in North America. The Illinois-based company employs over 2,200 people and has multiple high-impact exploration and expansion opportunities in its portfolio. Despite losing over 15% of its share value year-to-date, the company seems to be picking up momentum again.
In the company’s latest quarter financials posted in October, Coeur Mining reported revenue of $229.7 million, up by 15% year-over-year. The company also reported that it sold over 95,000 ounces of gold. Coeur Mining attributed these results to higher gold prices and a 23% increase in gold production capacity. The company also stated that it continues to receive ongoing success from its largest exploration program in the company’s history. Impressively, Coeur Mining also continues to increase its cash and liquidity levels.
Coeur Mining also strives to increase production while using less energy in the long-term. With the support of site-specific energy leads, the company is able to manage its carbon footprint while also expanding its production capabilities. With that in mind, would you consider CDE stock as a top gold stock to watch?
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Sibanye-Stillwater
Sibanye-Stillwater possesses a diverse portfolio of gold and platinum operations in the U.S. and Southern Africa. The company is the world’s largest primary producer of platinum and rhodium. It is also a top-tier gold producer, ranking third globally on a gold-equivalent basis. SBSW stock has been up by over 50% in the last 6 months.
The company gave its production update for the year ending 31 December 2020 and had produced extremely pleasing results. Production from its SA Gold operations was a whopping 809,941 ounces, 3% above its revised guidance. The production for its H2 2020 was 406,321 ounces, which was 48% higher than its H1 2020.
Neal Froneman, CEO of Sibanye-Stillwater had this to say, “The manner in which the initial threat of COVID-19 was handled at our operations in H1 2020 and the subsequent, safe return to normalized production levels by year-end was extremely pleasing. We continue to observe strict COVID-19 protocols at the operations as the health and safety of our employees remain our primary imperative. In the absence of unexpected disruptions, the Group is well-positioned to deliver a much more consistent and significantly improved operating result for 2021.” Will this be enough for you to have SBSW stock on your portfolio?
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SSR Mining Inc.
SSR Mining is a leading, free cash flow-focused intermediate gold company based in Vancouver. The company has four producing assets located in the U.S., Turkey, Canada, and Argentina. It also has a global pipeline of high-quality development and exploration assets in many countries. Coupled with expertise in project construction, mining, and processing, the company could be well-positioned for growth.
SSR Mining announced its full-year 2020 production results and 2021 outlook this week. For the year 2020, the company’s four operating assets produced approximately 711,000 ounces of gold. It also delivered a strong fourth-quarter performance with approximately 220,000 ounces of gold. For SSR Mining’s 2021 guidance, it expects to produce, on a consolidated basis, 720,000 to 800,000 ounces of gold at consolidated all-in sustaining costs of $1,050 to $1,110 per ounce.
It truly has been a spectacular year for the company in 2020 as it completed its merger with Alacer Gold and weathered through the challenges that came with the pandemic. You can see that the company has exited the year with strong operational momentum and clearly defined growth initiatives. With such exciting developments surrounding SSR Mining, could SSRM stock be worth watching?
