3 Gold Stocks in Focus As Gold Pauses After the Bug Jump
Gold has been on a remarkable run over the past few days, and it continued on Tuesday even though stocks rose on the back of a surprise rate cut from the Federal Reserve. However, the continued specter of the coronavirus crisis meant that the precious metal continued to rise.
The price of spot gold rose by 0.4% to hit $1706.44 an ounce, and on the other hand, the gold future rose by 0.35% as well to touch $1648.10 per ounce. In that light, here is a look at three gold stocks that investors could consider tracking at this point.
Gold Stocks in Focus #1 Eldorado Gold Corp
The first gold stock to consider is that of Eldorado Gold Corp (NYSE:EGO), which got an upgrade from Bank of America on Wednesday. The Eldorado stock was upgraded from underperform to buy, and in addition to that, the target price was also raised from $7.75 per share to $13 per share.
Bank of America revealed that the gold miner’s improved outlook over the next five years and projections of higher earnings due to higher gold prices are the reasons behind the upgrade. Investors could keep an eye on this stock over the coming days.
Gold Stocks in Focus #2 Almaden Minerals
The other gold stock that could be considered by investors at this point in time is that of Almaden Minerals (NYSEAmerican: AAU), which has made a strong move over the past week. The stock has gained by as much as 40% during the period, and it was triggered by Almaden’s disclosure with regards to the mineral claims at its Ixtaca Project. It could be worthwhile for investors to track this stock during this gold rally.
Gold Stocks in Focus #3 Newmont Corporation
Lastly, it is Newmont Corporation (NYSE: NEM) that could be added to the watch list as well. The company has been on an impressive run over the course of the week and has gained as much as 12%. On Wednesday, the company announced that as many as 9,000,000 warrants held by Mawson Resources Limited and 8,480,000 warrants held by Colorado Resources Limited expired. It remains to be seen how this develop