Gold has begun the week on a back foot following positive market sentiment after reports the possibility of a COVID-19 treatment.
Currently gold is trading around $1,676.90 after dropping last week by 3% to between $1,690.20 and lows of $1,675.10. This came following reports that there is a potential treatment for COVID 19 and the US is ready to reopen the economy soon. Most interestingly the uncertainty regarding coronavirus means that gold is still attractive at current levels.
Gold Mining Stock News to Watch This Week #1 Barrick Gold
As the price of the precious metal continues to consolidate at high levels UBS analysts have singled out Barrick Gold (NYSE:GOLD) as the best gold stock currently. This is because of its massive gold leverage as well as its refocus on operational enhancement following its merger with Randgold.
UBS indicated that the gold price cycle is close to the top and they believe that the momentum in the price will continue being positive. As a result, the prospect of gold stocks is still attractive.
Gold Mining Stock News to Watch This Week #2 Harte Gold Corp
Despite the coronavirus hitting mining operations in the past few months Harte Gold Corp (OTCMKTS:HRTFF) has indicated its production in Q1 2020 was the best they have ever had. The company said production was 7% up sequentially to 8,597 gold ounces.
The company suspended its operations last month as a measure to combat the coronavirus. Later this year the company is expecting a high-grade stope material which will boost gold production.
Gold Mining Stock News to Watch This Week #3 Newmont Corporation
After weeks of closure of mines in South America and Canada due to COVID-19, Newmont Corporation (NYSE:NEM) has announced that it will be reopening the mines in the coming weeks. The company’s CEO Tom Parker indicated that they expect to bring the operations that they placed on care and maintenance into production.
The closures affected the Eleonore mine located in Quebec, the Musselwhite mine in Ontario and the Cerro Negro mine in Argentina.