Are These Mining & Gold Penny Stocks On Your Watch List This Week?
Today we saw gold prices extend gains. If you’ve been following the global economic story so far, you’ve likely seen that the International Monetary Fund suggested that the global economic growth rate will slow this year. Brought about by persisting trade wars and other disruptions, investors typically eye safe-haven stocks as a hedge against these types of risks. Of course, gold stocks are center-stage during times like this.
Though the sector has been soft lately, the underlying risks are still quite evident. Simply because the U.S. and China have a “Phase 1” deal doesn’t mean the trade wars are over. You’ve also got to keep in mind that there’s a U.S. Presidential election this year. Many times we see market volatility no matter the market conditions, during election years. All of this put together could support a further case in favor of gold stocks.
If these factors don’t necessarily sway your thinking, let’s also take a look at some of the gold ETFs. These take into account a broad range of mining companies, producers, and exploration companies. the SPDR Gold ETF (GLD), Direxion Shares Gold ETF (NUGT), and even the VanEck Junior Mining ETF (GDXJ) have also steadily climbed over the last week or so.
Could this support the next move for gold? No matter the case, it’s never bad to have a closer look at gold and mining stocks in my opinion. With this in mind, here’s a quick list of penny stocks that focus on this industry.
Gold Penny Stocks To Watch: Yamana Gold (AUY) (YRI)
First on this list of gold stocks, Yamana Gold (AUY)(YRI – Free Report) just hit fresh 52-week highs on January 23. Besides the rise in gold prices, the company has also benefited from recent 2019 production guidance. Yamana exceeded this level for gold, silver, and gold equivalent ounces.
Full-year production came in at 1.02 million GEO. This included over 900k ounces of gold. This was higher than its initial guidance of 1.01 million GEO and 899k ounces of gold. Furthermore, full-year silver production came in at 10.6 million ounces. This exceeded Yamana’s guidance of 10.0 million ounces. Its complete Q4 and full-year 2019 results will be released on February 13th with a conference call to follow.
Gold Penny Stocks To Watch: IMC International Mining (IMCX)
This has been one of the penny stocks we’ve discussed since early January. In the article, “5 Penny Stocks To Watch Before Next Week” we discussed early progress from IMC International Mining (IMCX – Free Report). The company had just begun trading for the month and at the time was priced around $0.25. Since then, not only have we seen it jump to highs of $0.37 and pull back, we’ve also seen it recover in impressive fashion. This week, IMCX made new historic highs on some of its highest trading volumes of the year.
On January 23, the gold exploration stock hit highs of $0.385 before the lunch hour with more than 660k shares traded at the time. There’s been plenty of excitement discussing the hot M&A climate when it comes to junior gold miners. This has made for a bullish case for investors to watch this highly volatile asset class.
When it comes to IMC, the company has focused on building a portfolio of mining assets. Its main project right now is in Arizona, called the Bullard Pass. Though drilling hasn’t begun yet, historic production shows that location has yielded 614,000 pounds of copper, 3,600 ounces of gold, and 15,000 ounces of silver. The company has staked 22 claims on the property and has staked additional claims to increase it to 171 claims so far.
Gold Penny Stocks To Watch: Kinross Gold Corp
Next on this list of gold stocks and mining stocks, Kinross Gold Corp (KGC) (K – Free Report)has approached new highs of 2020. As of now, highs for the year site at $4.87. The high of the week this week is $4.85 for now. Kinross Gold stock has been climbing ever since Januar 14.
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This was just one day before analysts raised price targets for the gold stock. Canaccord Genuity boosted its target to C$9.25 from C$9. Credit Suisse reinstated its Neutral rating along with announcing a $5.25 price target. The company will release its Q4 and full-year results on February 12th.
One of its strategic investment companies, White Gold Corp, has been in the news lately after discovering new gold mineralization across multiple areas of its JP Ross property in the White Gold District of Yukon, Canada. Kinross and Agnico Eagle Mines (AEM) funded the exploration program with $13 million in backing. This, of course, is another example of how larger mining companies are focusing on smaller gold stocks to benefit from new gold mineralization and discoveries.
Mining Penny Stocks To Watch: Sienna Resources
Finally, Sienna Resources (SIE – Free Report) has skyrocketed this week. In particular, the mining stock shot up between Wednesday and Thursday. Everything came to a head on January 23 after the company reported that it had acquired the Marathon North Palladium Property. This particular location borders the prolific Generation Mining site in Northern Ontario.
The new, 2,500-acre project gives Sienna access to “one of” the largest undeveloped platinum group metal mineral resources in North America. Jason Gigliotti, President of Sienna states, “We are extremely pleased to be able to acquire a large block of land directly bordering one of the largest palladium deposits in North America. This is an excellent complement to our platinum-palladium-nickel project in Sweden.”
The mining stock has sporadically traded over the last few months. However, during recent weeks, trading has become more consistent. After this latest news, will this continue to be the case?
Mining Penny Stocks To Watch: Canadian Palladium Resources Inc.
Finally, Canadian Palladium Resources Inc. (BULL – Free Report) has become a top mining stock to watch this month. Over the course of the last few weeks, the stock has managed to climb from $0.095 to a high of $0.23 this week so far.
Formerly known as 21C Metals, the company changed its name to more closely identify with its flagship Palladium project in Ontario, Canada. Wayne Tisdale, CEO of the Company, commented, “With Palladium reaching new highs of over $2,100/oz, we look forward to drilling the East Bull Palladium project to further expand the 43-101 compliant 523,000 oz palladium equivalent resource we have. This name change reflects our focus on a world-class asset in a mining friendly jurisdiction.”
It’s also important to note that the company is actively raising money right now. A few days ago Canadian Palladium reported that it arranged to raise some $4 million at $0.12 per unit. Considering the current share price is nearly double that figure, it will be interesting to see how the market responds once the financing is closed. The deal also gives investors of the private placement, warrants that are exercisable at $0.18; still discounted to the current share price.
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