The United States Federal Reserve surprised the markets yesterday after it cut rates in light of the coronavirus crisis. The announcement resulted in another rally in gold. The price of spot gold soared by as much as 0.3% to hit as much as $1643.76 an ounce, and it remains to be seen how long the rally continues.
Due to this rally, it could be prudent for investors to have a look at some promising gold stocks. Here is a look at four of those.
Best Gold Stocks in Focus #1 AngloGold Ashanti
The first gold stock that could be tracked by investors could be that of AngloGold Ashanti Limited (NYSE:AU), which rallied strongly on Tuesday and gained 9.70%. It has been one of the best performing gold stocks in the market, and since May 2019, it has gained as much as 80%.
Last month the company announced its earnings, which were up by as much as 72%, and much of that was due to the rise in the prices of gold. Hence, if the price of gold rises further, then it can only be a major positive for Anglo Gold.
Best Gold Stocks in Focus #2 B2Gold
The other gold stock that could be followed by investors is that of B2Gold Corp (NYSE:BTG). On Monday, the company announced its earnings for the fourth quarter of 2019 and generated adjusted earnings of 7 cents a share. It proved to be in line with analysts’ estimates.
Revenues in the quarter hit $314 million, which reflects a growth of as much as 36% year on year. Over the course of the last week, the stock has gained as much as 8%.
Best Gold Stocks in Focus #3 Gold Mining
Another gold stock that has been in the middle of a rally in recent times is Harmony Gold Mining Co. (NYSE:HMY). Over the course of the past three weeks, the stock has surged by as much as 33%, and on Tuesday, it continued to record gains.
Yesterday, the Harmony stock soared by as much as 4.50%. Earlier on in February, the company announced that it had swung back into profits for the first half of fiscal 2020. However, the company’s gold production went down, and it also cut its projections. That being said, the stock is possibly surging now due to the gold rally.
Best Gold Stocks in Focus #4 Alamos Gold
Lastly, it is Alamos Gold Inc (NYSE:AGI) that deserves some attention from investors at this point. On Tuesday, the company announced that it is going to pay a quarterly dividend of $0.15 per common share held, and in addition to that, the company introduced a dividend reinvestment and share purchase plan as well. The dual announcement led to a rally, and the stock rose by 3.40%.