On Friday, gold eased with investors booking some profit after prices jumped to a two week high in the previous trading session on the expectation of further stimulus package to ease the economic impact of COVID-19 on the economy. The yellow metal was pushing for its highest weakly gains in almost 11 years.
On Thursday, spot gold dropped 0.5% to $1,621.07 per gold ounce, having hit its highest since March 12th. However, gold is up 8.2% this week, which is the highest gain since December 2008. On the other hand, US gold futures dropped 0.8% to $1,638.
Gold Stocks to Watch #1 Barrick Gold
The industry seems to be thriving, and as a result, Barrick Gold (NYSE: GOLD) has unveiled a 10-year gold production plan that will see it emerge as the best gold producer with a capacity of 5 million gold ounces per year. This will deliver significant cash flow for the miner.
Mark Bristow, the CEO and President of the company, stated that its joint venture with Newmont Corp (NYSE: NEM) the Nevada Gold Mines would be the company’s value foundation going forward. The CEO indicated that their definition of value entails economic benefits, care of environment and communities as well as investor returns.
Gold Stocks to Watch #2 McEwen Mining
Companies have been suspending their mining operations as the coronavirus sweeps across countries. McEwen Mining (NYSE: MUX) is the latest miner to reduce operations at its Gold Bar Mine located in Nevada and Ontario’s Black Fox gold mine.
However, the company will continue some exploration and production activities at the Gold Bar mine as well as Froome access ramp related activities at Black Fox. Activities in Mexico will go on as usual.
Gold Stocks to Watch #3 Fortuna Silver Mines
Fortuna Silver Mines (NYSE: FSM) has announced that it is resuming operations at the San Jose project in Mexico. This comes following the lifting of roads blockade that denied access to the mine. Former San Jose mayor and his supporters had blocked roads protesting the Oaxaca state’s electoral tribunal’s decision to revoke the appointment of the mayor.