Gold stocks to watch in the stock market this week.
The gold industry holds a unique place in the global financial ecosystem. For centuries, gold has been regarded as a store of value. An asset that can provide a hedge against financial risk, inflation, and economic uncertainty. From an investment perspective, gold provides both a tangible asset that maintains intrinsic value and a financial instrument that can be traded on various markets. With the ever-present prospect of geopolitical tensions and macroeconomic fluctuations, gold often serves as a safe haven for investors seeking to secure their investments during times of instability.
Gold stocks, typically comprise companies involved in gold mining, exploration, and production. They provide investors with exposure to the price movements of the precious metal without the need for physical ownership.
Investing in these stocks can be an effective strategy for those wishing to leverage the potential of the gold market, while also diversifying their portfolios. However, similar to any sector, investing in gold stocks can be subject to market volatility and risks associated with mining operations, regulatory compliance, and commodity price fluctuations. Given this, here are two trending gold stocks to watch in the stock market now.
Gold Stocks To Watch Right Now
- Newmont Corporation (NYSE: NEM)
- Barrick Gold Corporation (NYSE: GOLD)
Newmont Corp (NEM Stock)
Starting us off, Newmont Corporation (NEM) is the world’s largest gold mining company. Newmont has operations spanning several continents. The company is known for its robust portfolio of assets.
In May, Newmont announced its intention to acquire Newcrest Mining Limited, acquiring all of Newcrest’s issued shares. Newcrest shareholders stand to receive 0.400 Newmont shares along with a special dividend of up to $1.10 per share. The unanimous approval from both boards propels the merger, targeting to fortify Newmont’s foothold in responsible gold mining and expecting significant financial synergies. However, the deal awaits shareholder approval and aims for completion by the end of 2023.
Looking at the last month of trading action, shares of Newmont Corp stock are trading modestly higher by 1.77%. Meanwhile, as of this past Friday’s closing bell, NEM stock closed the day at $42.66 a share.
Source: TD Ameritrade TOS
Barrick Gold Corp (GOLD Stock)
Second, Barrick Gold Corporation (GOLD) is another giant in the gold mining industry with a diverse portfolio of mines and projects across the globe. The company has a solid track record of operations, development, and exploration.
Back in May, Barrick Gold Corp reported its first quarter of 2023 financial results. Diving in, the company posted earnings of $0.14 per share, with revenue of $2.6 billion. This is versus analysts’ consensus estimates for the quarter which was an EPS of $0.11 and revenue estimates of $2.6 billion.
In the last month of trading, Barrick Gold stock has declined modestly by 1.51%. While, as of this past Friday’s closing bell, shares of GOLD stock are trading at $16.93 per share.
Source: TD Ameritrade TOS
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Originally Posted July 2, 2023 – What Stocks to Consider Today? 2 Gold Stocks To Watch
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