Gold prices may have dropped in recent days, but it should be noted that the precious metal has had a rollicking rally in 2020 so far. Gold is regarded as a safe haven asset, and currently, it is trading at a Comex price of $1,650 per ounce. Due to the possibility of further economic shocks, it could be worthwhile for investors to add gold stocks to their portfolios. Here is a look at four gold stocks that could be worth watching.
Gold Mining Stocks In Focus For April #1 Golden Star Resources
The first gold stock that could be put into the watch list is that of Golden Star Resources Ltd. (NYSEAMERICAN:GSS). The company operates two mines in Ghana, and last year, production levels hit 203800 ounces at a per-ounce cost in the $560 to $1000 range.
In Q4 2019, Gold Star produced 52700 ounces, which reflected a rise of 8% year on year and also generated positive earnings per share. Cash flow for the full year stood at $22.8 million, which was three times the cash flow in 2018. It has an active exploration program with a budget of $13.4 million as well.
Gold Mining Stocks In Focus For April #2 Gold Resource Corporation
The other gold stock that could be tracked right now is that of Gold Resource Corporation (NYSEAMERICAN:GORO). Its operations are centered in North America, and in 2019, it produced 40318 ounces of gold to go along with 1732604 ounces of silver.
In the financial year of 2019, Gold Resource generated $135.4 million in sales, net income of $5.8 million, and earnings per share of 9 cents. The company also paid $113 million in dividends. In 2020, Gold Resource expects to produce 54000 ounces of gold and 1700000 ounces of silver.
Gold Mining Stocks In Focus For April #3 Teranga Gold
Another gold stock worth considering is that of Teranga Gold (OTCQX:TGCDF), which made an important announcement on Thursday. The company stated that it had implemented a safety measure in light of the coronavirus pandemic.
However, production, exploration, and development are being conducted as before. The company also reiterated that the projection for Q1 2020 remains in the 85000 ounce to 90000 ounces range. There has been no coronavirus case at any of Terenga’s mines or offices.
Gold Mining Stocks In Focus For April #4 Glencore
Lastly, investors could keep an eye on Glencore (OTCPK:GLNCY) during these times. The coronavirus pandemic has hurt the company since it has had to halt operations at many of its smaller mines. That being said, it should be noted that the activities at its larger mines have not been affected as yet.
Oil operations in Chad and some coal and ferroalloys mines in Columbia and South Africa are being closed. Zinc and Nickel mines in Canada are going to go under maintenance for a period of three weeks.