Gold prices have been on a roll over the past few days, and on Tuesday, it marked the fourth straight session of gains. Investors have become increasingly wary of the possible ill effects of the coronavirus pandemic on the global economy.
In addition to that, there is also a lot of worry with regard to the earnings of corporations in this quarter. Gold futures prices for June delivery rose by 0.4% to hit $1768.90 an ounce. Here is a look at four gold stocks that could be watched by investors if they are looking to take advantage of the gold rally.
Gold Stocks To Watch #1 Yamana Gold
One of the gold stocks that ought to be on the radars of investors at this point in time is that of Yamana Gold (NYSE:AUY). On Tuesday, the company announced that operations at its Canadian Malartic mine are going to recommence on April 15.
The move comes after the Quebec authorities allowed the resumption of mining activities. It is a significant development for the company since the mine had been under maintenance and care since March 24. Investors could do well to keep an eye on this stock over the coming days.
Gold Stocks To Watch #2 Eldorado Gold
On the other hand, Eldorado Gold (NYSE:EGO) has also emerged as an interesting proposition for investors looking to invest in gold stocks. Like Yamana Gold, Eldorado has also been given permission by the authorities in Quebec to restarts its mining operations at the Lamaque mine.
The operations at the mines had been suspended back on March 23 as part of lockdowns brought about by the coronavirus pandemic. The Lamaque mine had started operations in April last year.
Gold Stocks To Watch #3 Barrick Gold
Big-ticket gold producer Barrick Gold Corp (NYSE:GOLD) also announced from positive news on Tuesday that could have an effect on its stock in the coming days. The company announced that it reached an earn-in agreement with Precipitate Gold, and by way of the agreement, Barrick will now have the right to get a 70% stake in the Pueblo Grande project.
However, in order to get that stake, Barrick will have to invest at least $10 million towards the pre-feasibility study and for exploration within 2026. Barrick has also agreed to subscribe to C$1.4 million worth of Precipitate shares as part of the said agreement.
Gold Stocks To Watch #4 First Majestic Silver
First Majestic Silver Corp. (NYSE:AG) is another one that could be tracked by investors at this point in time, considering the latest events at the company. On Tuesday, the company announced that gold production for the fiscal first quarter is similar to that of Q4.
Additionally, it is expected to be higher than the projection, which had been suspended by Majestic recently. Gold output for the quarter stood at 32400 ounces while silver production came in at 3.2 million ounces.