The markets were volatile and ended lower on Tuesday after the United States Federal Reserve cut interest rates in light of the macroeconomic crisis that could surface owing to the coronavirus epidemic. However, it fired up gold prices and the precious metal went on a strong rally that eclipsed the next biggest rise back in June last year.
Gold prices soared by as much as 3% and in such a situation it is important for investors to consider having a look at some gold mining stocks. Here is a quick look at three gold stocks that could be worth tracking at this point in time.
Gold Stocks To Watch #1 Gold Resources
The first stock to consider in the middle of this remarkable gold rally is that of Gold Resources Corp. (NYSEMKT:GORO), which released its earnings for the financial year 2019 on Tuesday. The company’s earnings for the full year did not meet expectations and that resulted in a decline yesterday.
However, the important thing to consider is that gold production for the year hit record levels of 40,318 ounces, while silver production touched 1.73 million ounces. The rising production could only be good news at a time when gold prices are rising. Investors could keep an eye on the stock in the coming days.
Gold Stocks To Watch #2 Kirkland Lake Gold
Another company worth tracking is that of Kirkland Lake Gold Ltd (NYSE:KL). The company has grown at an impressive pace over the past few years and is currently valued at $13.35 billion. In 2019, its gold production soared to 974615 ounces from 723701 ounces in 2018 and also beat analysts’ estimates.
The company also generated as much as $463 million in free cash flow. Kirkland has been among the best growth stocks in the mining space for quite some time and it could be worthwhile to keep an eye on the stock.
Gold Stocks To Watch #3 Silvercorp Metals
Lastly, there is another stock that could be worth keeping an eye on at this point but it is not strictly a gold producer. The company in question is Silvercorp Metals Inc (NYSEAMERICAN:SVM), which is a China-based miner but the stock is listed in the United States.
Since it discovered high-grade assets, Silvercorp has managed to generate profits to the tune of $468 million. In fiscal Q3 for 2020, the company average realized prices for gold and silver soared by 20% and 17% respectively.