The gold rally has been quite remarkable this year, and it continued this morning as it hit its highest level in seven years. The coronavirus pandemic has had a hugely adverse effect on the global economy, and that has forced investors to look for safe-haven assets like gold.
On Tuesday, the price of gold soared and came close to $1,800 an ounce. It is the sort of situation in which investors could consider having a look at some of the gold stocks. Here is a quick look at three gold stocks worth tracking at this point.
Gold Stocks Continue To Hit New Highs #1 B2Gold Corp
One of the gold stocks that deserve attention at this point in time is that of B2Gold Corp. (TSE:BTO). The company’s mining operations are spread across the Philippines, Africa, and Central America. Additionally, its resource exploration activities and success in drawing investors have seen the B2Gold stock.
In Q4 2019, the company generated $1.15 billion in revenues and produced 980219 ounces of gold to beat the higher limit of its own projections. Investors need to keep in mind that in 2020 B2Gold has projected gold production of 1 million ounces and has maintained it despite the onset of the coronavirus crisis.
Gold Stocks Continue To Hit New Highs #2 Barrick Gold Corp
Another gold stock worth considering during this remarkable gold rally is that of Barrick Gold Corporation (NYSE:GOLD). It is one of the biggest mining companies in the world and has operations in as many as 15 countries. In 2019, Barrick reported gold production of 5.5 million ounces, which reflects a year on year rise of 21%. Copper production stood at 432 million pounds.
In the fourth quarter, its revenues grew 51% year on year to hit $2.88 billion, and the earnings per share stood at 17 cents. In the first fiscal quarter, analysts expect Barrick to generate earnings per share of 19 cents. Investors could do well to keep an eye on this stock.
Gold Stocks Continue To Hit New Highs #3 Kirkland Lake Gold Ltd
Lastly, it is Kirkland Lake Gold Ltd (NYSE:KL) that has emerged as one of the more promising gold stocks in recent times. In 2019, the company produced 974615 ounces of gold and recorded all-in sustaining costs of $564 per ounce. While those are promising numbers, it should be noted that Kirkland has been affected by the coronavirus pandemic and has had to halt operations at Holt Complex.
Operations at the Macassa Mine have been reduced. In 2019, the company reported EBITDA of $969 million, which reflects year on year rise of 82%. Positive cash flow soared by 68% and hit $919 million.